$Gold is at important level 1740/50
Updated
GOLD is likely about to break 1745/50 resistant area. I was able to buy from 1700 level, add more on 2nd up arrow , flat my positions on 1720s.then rejoin the buying on 3rd up arrow , was stoped due to the Fed announcement and se-joined on the 4th , after the Fed , and I set it up on small pull back. and I flatten my position on 1740s. soon after that, Gold was rejected at1750 back to 1725 , but buyers still came at that level too and lifted up the price. I will not join the Buyers yet. I want to see the strength and the follow through from those 1725s buyers.
if price move close to 1740 level, I want to see the sellers do more short covering, and this will push the Gold to the next level.
but if the buyers give up with the level, we will see more liquidation to the down side.
Feds announcement was as expected, There is no news catalyst to shift the price urgently. So I want to see either the price to initiate above 1750s for new business area; price shift up confidently to push the sellers to do short covering, or liquidation.
I am flat right now and let see if those 3 scenarios will play.
Note
Gold is possibly weakening but i am not sure yet if price will penetrate 1720/25 support soon. i took a small size to short the Gold right now, and see if buyers will comeback at 1720s. before the market close today or on Monday between Asia and European time. i am not in hurry to take my full size now. and I still like to see price reaction on 1750s area. I don't see any reason for Gold to make anything to change of its behavior for the moment.
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