Gold trades higher after Fed stands pat, good to buy at dips
Major support - $1273 (7 day EMA)
Major resistance - $1304 (May 2nd high)
The yellow metal has broken major resistance $1300 and jumped till $1301.22 at the time of writing. It is currently trading around $1299.68.
Gold recovered from the low of $1278 after Fed has kept its interest rates unchanged at 0.25%-0.50% and scales back rate hike projections. The central has lowered its growth projection from 2.2 percent at the Mar meeting to 2% this week.
The minor support of Gold is around $1273 (7 day EMA ) and any break below will drag the pair down till $1266 (55 4H EMA)/$1250 (daily Tenken-Sen).
On the higher side any break above $1304 will take the gold to next level at $1315 (200 W MA)/$1320.
Overall trend reversal only below $1200.
It is good to buy at dips around $1285 with SL around $1273 for the TP of $1305/$1314
Major resistance - $1304 (May 2nd high)
The yellow metal has broken major resistance $1300 and jumped till $1301.22 at the time of writing. It is currently trading around $1299.68.
Gold recovered from the low of $1278 after Fed has kept its interest rates unchanged at 0.25%-0.50% and scales back rate hike projections. The central has lowered its growth projection from 2.2 percent at the Mar meeting to 2% this week.
The minor support of Gold is around $1273 (7 day EMA ) and any break below will drag the pair down till $1266 (55 4H EMA)/$1250 (daily Tenken-Sen).
On the higher side any break above $1304 will take the gold to next level at $1315 (200 W MA)/$1320.
Overall trend reversal only below $1200.
It is good to buy at dips around $1285 with SL around $1273 for the TP of $1305/$1314