Gold - long
$1268.0 region is potentially a small reversal region , we are now looking for price to move back to the $1300.0 zone again
- longs can be executed as long as price remains above the $1268 region.
With strong results in the UK and the US the pound has continued to fall against the dollar as people are more concerned over the Brexit rather than Trump, I believe we are coming out of a downward trend and we will see the GBP break resistance and continue up to either the 0.5 fib or 61.8 fib from the trend at the beginning of the month. I believe 1.243 is a good...
The market is in a range with price action lacking a firm direction and clearly waiting for a fundamental factor to drive it in either direction. The FOMC meeting tomorrow will be such a driver and we have two outcomes below along with our rationale.
Outcome 1 - Rate Hike and Bullish Press Conference - 65% Likelihood: We favour a bullish statement...