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GOLD (XAUUSD) - Sideways Post FOMC, Where Next?
By: CIFER | Updated 21st Mar, 21.21 GMT
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SHORT TERM - BULLISH: After finding support around $1683, Gold has continued to grind higher after an upturn in weekly stochastic. The recovery looks likely to continue as the bias remains bullish, we suspect the market will breach last weeks high at $1755 in the short term, testing previous support at $1760.  However, on an intraday basis we will be monitoring the market for any dips into $1718 - $1726 region for long opportunities, maximising the risk:reward.

INTERMEDIATE TERM - BEARISH: The 7 month downtrend on Gold remains in place for the time being however it could be seen as a corrective structure of the last weekly bull run. A break down of initial support around $1680 -$1690 region would be needed for the bears to stay in control the market in the long run. 

PREFERRED STRATEGY: Short term trading is preferred as markets remain highly responsive to covid developments. From an intraday trading perspective, long bias remains in tact as long as the market structure remains bullish trading above $1718. Trade ideas will be updated for members as and when they develop. 


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