Gold sellers are waiting in the ambush
|Gold is still bearish. The market is pretty rangy this week so far, but we expect some volatility today and especially tomorrow before and during the FOMC.
At this point we might be waiting for a gold pullback towards 78.6-88.6 zone to make another short trade. Last week short trades came in good profits and I think the POC zone will be valid again for short sellers. 1855-66 is the zone where sellers are waiting. In the case of rejection we need to watch for 1838 followed by 1811 and 1785.
The analysis has been done with the CAMMACD.Core System.
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