$Gold is at important level 1740/50$Gold is likely about to break 1745/50 resistant area. I was able to buy from 1700 level, add more on 2nd up arrow , flat my positions on 1720s.then rejoin the buying on 3rd up arrow , was stoped due to the Fed announcement and se-joined on the 4th , after the Fed , and I set it up on small pull back. and I flatten my position on 1740s.
soon after that, Gold was rejected at1750 back to 1725 , but buyers still came at that level too and lifted up the price. I will not join the Buyers yet. I want to see the strength and the follow through from those 1725s buyers.
if price move close to 1740 level, I want to see the sellers do more short covering, and this will push the Gold to the next level.
but if the buyers give up with the level, we will see more liquidation to the down side.
Feds announcement was as expected, There is no news catalyst to shift the price urgently. So I want to see either the price to initiate above 1750s for new business area; price shift up confidently to push the sellers to do short covering, or liquidation.
I am flat right now and let see if those 3 scenarios will play.
