Gold lost its shine after the FOMC meeting
minutes. Read Till End
"A few participants indicated that they could
have supported a continuation of the current
pace of balance-sheet runoff at this time or a
slightly higher redemption cap on Treasury
securities than was decided upon," According
to minutes published Wednesday. The minutes
revealed that policymakers are willing to keep
rates on hold till inflation cools.
Technical:
The near-term support is around $2325, a
break below the targets of $2300. The yellow
metal faces minor resistance around $2370
and a breach above will take it to the next level
of $2400
Signal
Sell $2370 with sL around $2400 for a TP of
$2300
Buy $2325 with SL around $2300 for a TP of
$2370.