Gold
Spot gold price tested 1311$ yesterday. It was our gold signal target. We exited with around 75 pips in that trade. Gold is resisting on higher levels as we are still waiting for Fed dovish signal which is a wide expectations in market. Today we will have a road map for upcoming days. Fed will finally release its statement on US economy and interest rate decision will be there as well. There is a good probability that fed will not raise interest rate tonight.
However main direction would be by FOMC chairman’s statement. In january he changed his tone from hawkish to dovish. This was a big change and now we will see if fed could be more dovish. More Dovish fed could drive gold price higher.
Currently gold price trading at 1305$, Good resistance stands at 1312$, I updated this resistance in yesterday’s gold update as well. Once market break and sustain above 1312$. Then expect good rise in xauusd till 1318$- 1325$.
Good support in gold price chart stands at 1297$. Once traders break and sustain below 1297$. Then expect good pressure till 1291$- 1284$.
Conclusion: Currently gold trend is flat to positive for now. But major trend setter would be fed meeting outcome tonight.
For Silver, Crude oil & mcx levels watch video below