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Gold has been trading sideways at the price of $1,500 for few days and in mu opinion Gold might need fundamental trigger for the next directional movement. Be prepared for both scenarios. Today is FOMC day and I give equal chances for both sides.
Blue horizontal line – Swing high (Right shoulder)
Red rectangle – Upward target in case of the upward break
Yellow rectangle – Neckline and key support
Blue rectangle – Downward target in case of the down break
My advice is to watch potential breakout of the consolidation zone. The breakout of $1,523 will confirm potential test of the $1.551 (failed head and shoulders). If you see the breakout of the $1,482, there is a chance for test of the $1,452. Be ready for both scenarios. The FOMC meeting minutes today might be good fundamental trigger for the next directional movement.
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