Pay Attention to the Pull Back
Updated
Gold touched its strong support at 1289 on Thursday, and it appeared a swing on Friday. I think gold will probably have a pull back to the 1303-1314 area, then heading to 1250. If gold breaks the resistance, no short position.
On Wednesday, FED announced that the Balance-sheet reduction process will begin next month. Also, the possibility of a December rate hike is higher than markets had priced in. US dollar may getting strength by those factors, and may helping gold fall to 1250 level.
On Wednesday, FED announced that the Balance-sheet reduction process will begin next month. Also, the possibility of a December rate hike is higher than markets had priced in. US dollar may getting strength by those factors, and may helping gold fall to 1250 level.
Trade closed: target reached
Kinda late, but reached our expectation. Gold tried to break the resistance for twice, but failed, and successfully reached our target.
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