Gold prices are now in a crucial price region and if this support region breaks through, then we could see the prices move towards 1200 and below. But if this support region leads to a bounce, then we could see the gold prices move towards the 1300 region in the next leg of its bullish run. But it has to be said that the gold prices are now in a very strong support region and this is seen in the charts as well. Gold prices dropped heavily yesterday on account of loss of fears and risks globally in general. Oil prices continued to trade in a weak manner during the course of the day yesterday as the prices moved just below $49 in generally choppy trading.
according to
![Gold Prices Drop Ahead of Fed Policy Announcement]()
GOLD TECHNICAL ANALYSIS – Gold prices appear vulnerable to deeper losses after sellers secured a daily close below support at 1258.62, the 14.6% Fibonacci expansion. Looking ahead, a lull in top-tier US economic news-flow is likely to keep gold prices action muted as markets look ahead to the FOMC monetary policy announcement as the next major inflection point. Crude oil prices may get their next direction lead from API weekly inventory flow figures. Crude oil prices also tumbled. Talking Points:Gold prices fell ahead of the FOMC policy announcementCrude oil prices broke below 9-month rising trend supportAPI inventory data highlights otherwise quiet data offeringGold prices sank after April's ISM manufacturing survey crossed the wires.
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collected by :Jack Luxor
according to
GOLD TECHNICAL ANALYSIS – Gold prices appear vulnerable to deeper losses after sellers secured a daily close below support at 1258.62, the 14.6% Fibonacci expansion. Looking ahead, a lull in top-tier US economic news-flow is likely to keep gold prices action muted as markets look ahead to the FOMC monetary policy announcement as the next major inflection point. Crude oil prices may get their next direction lead from API weekly inventory flow figures. Crude oil prices also tumbled. Talking Points:Gold prices fell ahead of the FOMC policy announcementCrude oil prices broke below 9-month rising trend supportAPI inventory data highlights otherwise quiet data offeringGold prices sank after April's ISM manufacturing survey crossed the wires.
read more visit us gold
collected by :Jack Luxor
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