Drop In Gold Following Fed Decision A Buying Opportunity
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold remains range bound ahead of the Fed decision at 1:00. It is likely that we see a knee jerk reaction lower upon the Fed’s announcement but ultimately this could bring a great buy opportunity at 1179.9-1182.6. A close below this level will leave the bears is control as the market will likely grind lower. The bulls must achieve a close out above 1221.4-1223 in order to regain the upper hand.
Resistance – 1211.1**, 1213.9-1217.5**, 1221.4-1223**, 1229.7**, 1237.3-1238**, 1248.9-1251.4**, 1264.9-1269.5****
Pivot – 1202.9-1203.2**
Support – 1194.5-1196.1**, 1179.9-1182.6****, 1154.3-1159.8**, 1149.7***