Gold was sold off from 2055-2060 to 1895-1900, but it failed to break the 1895-1900 and it has been making a correction to 1983-1986 on gold day chart.
Today’s FOMC Meeting Minutes is an important event for gold trend. Gold investors and traders are watching today’s FOMC Meeting Minutes closely for a long term gold trend.
Case 1: FOMC is positive for the U.S Dollar. It will confirm an end of gold 1983-1986 correction and gold will be sold off to 1895-1900
Case 2: FOMC is negatvie for the U.S Dollar, gold will break the 1983-1986 to continue its correction to 2005-2010, 2025-2030, or 2055-2060
On the H1 Gold Chart, gold failed to break the 1953-1955 support zone and it is trading around 1971-1973 to wait for FOMC Meeting Minutes. Gold will go up to test the 1983-1986 if gold short positions are taken profit to prepare for the FOMC event.
The 1971-1973 is the key zone to watch for today gold trading. Not breaking the 1971-1973, gold will be sold off to 1953-1955
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