Gold - Head and Shoulder on hourly
Pattern – Head and Shoulders: Neckline support around 11311/OZ
Rising trend line support around $1317…could extend up to $1319 over next few hours
A bearish break is seen happening if the Fed statement is hawkish. Knee jerk reaction could take prices down to $1284. As long as the hourly closing is below neckline levels, a drop to $1240 over next few days looks possible.
On the other hand, outright dovish statement could yield a move higher to $1340 - $1358 by weekend.
Rising trend line support around $1317…could extend up to $1319 over next few hours
A bearish break is seen happening if the Fed statement is hawkish. Knee jerk reaction could take prices down to $1284. As long as the hourly closing is below neckline levels, a drop to $1240 over next few days looks possible.
On the other hand, outright dovish statement could yield a move higher to $1340 - $1358 by weekend.
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