Gold cannot break the 1800-1801 and FOMC Meeting Minutes

Gold went from 1786 to 1801-1802 and then closed around 1801.50 even though the US Dollar Index was strong last Friday. Gold made a false break-out of the 1798-1800 and it was sold off heavily on Monday Aug 15 to 1773-1775 to form a trend reversal.

Gold XAUUSD Hour Chart on Aug 16, 2022

Dollar Index Hour Chart Aug 16 2022

After making a false break-out following China US tensions over Taiwan news, gold finally trades following the US Dollar Index.

Gold is trading around 1780-1781 to wait for the FOMC Meeting Minutes on Wednesday which will make the US Dollar index to go to 109-109.5 or it will be sold off to 101.

Watching US Dollar Index is the key to gold trend this week

 

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