Gold Setting Up Potential Bullish Breakout
Big move in Gold on the heels of yesterday's FOMC meeting, price propelled right back into a big zone of resistance.
Same zone held the highs a couple of weeks ago, and this is around the 50% marker of the June sell-off.
Persistent dovishness out of the Fed, whether at meetings or interviews, has helped to bring the bid back to Gold. And the Fed doesn't look as though they're going to get less dovish anytime soon.
A breach above the 1833 Fibo level can open the door to a move up to the next resistance zone, 1853-1859. Along the way, there's a short-term swing around 1843.90 that could come into play as a more nearby area of short-term resistance.
Same zone held the highs a couple of weeks ago, and this is around the 50% marker of the June sell-off.
Persistent dovishness out of the Fed, whether at meetings or interviews, has helped to bring the bid back to Gold. And the Fed doesn't look as though they're going to get less dovish anytime soon.
A breach above the 1833 Fibo level can open the door to a move up to the next resistance zone, 1853-1859. Along the way, there's a short-term swing around 1843.90 that could come into play as a more nearby area of short-term resistance.