Gold largely bullish here but feds decision coming.
Gold largely bullish here but feds decision coming.
As on 19th,feds most probably chance to get rid off high monetary rates and start relaxing with .25 or .5 bps cuts.
But now,traders are confused on wether it is big cut or small rate cut.
So we r waiting for it.also a big rate cut decision will definitely pulled out gold from high range to ultra high range.
Technical:-
Gold is forming rising wedge pattern on a small scale this means any short covering possible and if this happen,support came @2430.
Furthermore might go below $2390.
On the upper side,gold continuous movement may cross to $2600+ to $2630-2660.
Let's see.best of luck.
As on 19th,feds most probably chance to get rid off high monetary rates and start relaxing with .25 or .5 bps cuts.
But now,traders are confused on wether it is big cut or small rate cut.
So we r waiting for it.also a big rate cut decision will definitely pulled out gold from high range to ultra high range.
Technical:-
Gold is forming rising wedge pattern on a small scale this means any short covering possible and if this happen,support came @2430.
Furthermore might go below $2390.
On the upper side,gold continuous movement may cross to $2600+ to $2630-2660.
Let's see.best of luck.
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