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UK FOMC Minutes May Provide Some Impetus For Gold

ByGoldTradingExperts.com
Published 11/20/2013, 05:06 AM
Updated 07/09/2023, 06:31 AM
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Gold was unchanged in quiet trading yesterday as the price moved along the lower boundary of the triangle pattern for the third day in a row. This type of price action often precedes a break of support and we expect the triangle to resolve itself to the down side shortly.

The release of the FOMC minutes at 7pm UK time this evening may provide some impetus to gold and we could see heightened volatility around the release as traders look for clues that QE tapering is still on the cards, notwithstanding incoming Fed Chairman Yellen's confirmation that it is not likely this year.

Equities continue their inexorable march higher, whilst oil flounders and the dollar remains pinned below the key 8$1 level. Again, we can look to silver for clues to gold's next move - silver has already breached October's lows in a move that we suspect will soon be replicated by gold.

Support can be found at $1270, $1260, $1250, $1207 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term.

Resistance can be found at $1277-$1280, $1291, $1295, $1300, $1310, $1320-$1322, $1328-$1330, $1338-$1342, $1352-$1355 and $1360. A break above $1338-$1340 would suggest a new bull trend was underway, though it would take a break of $1434 to confirm this was the case, with a target of $1525 as a minimum.

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