Gold – watch for a rebound from rising trend line
Daily chart – Rising trend line drawn from June 3 low and June 24 low comes around $1315 levels.
Gold’s repeated failure in the past two trading sessions and today’s Asian session to dip below rising trend line level suggests a rebound is more likely and prices could head higher to $1330 levels ahead of the Fed rate decision
On the lower side, breach of $1313 would expose psychological support of $1300. A break below the same on daily closing basis would shift risk in favor of a drop to $1284/Oz levels.
Gold’s repeated failure in the past two trading sessions and today’s Asian session to dip below rising trend line level suggests a rebound is more likely and prices could head higher to $1330 levels ahead of the Fed rate decision
On the lower side, breach of $1313 would expose psychological support of $1300. A break below the same on daily closing basis would shift risk in favor of a drop to $1284/Oz levels.
