FOMC - The aftermath!

4H -

This lines up nicely with the weekly 1794-6 price level which was also the Apr/May accumulation and then the breakout towards 1900.

So we have 2 key support levels here:

1794-6 and below that is around 1760

Key resistance levels:

1813 and above that 1830.

This gives us a short term range and also an idea of turning points for gold


We would expect some retracement on the price after yesterdays bearish move down. Our weekly chart is showing there is still a lower level of around 1794-6 which is a key weekly level. The price can still go lower to this level before turning back to correct some of the move from yesterday. The concerning thing here for us is we now have KOG targets above and below which tells us Gold isn't ready to settle any time soon. For this reason we'll trade the daily Excalibur targets until we get confirmation of the new trend.