Gold at $2429: What Next..?
Gold has tested $2429 and trades calmly below this high ahead of much awaited Fed's rate decision.
There is a possibility of some further advance towards immediate resistance $2433-$2435
If this zone is not breached with strength, rejection from this zone will call for retracement towards horizontal support and local demand zone $2400-$2380 where buyers are very likely to resurface for yet another bullish rally that may witness a sharp up move reaching $2455-$2465
This area may act as supply zone and if bears take control from this high, a sharp and deeper correctional fall may be witnessed that could reach as low as $2335
There is a possibility of some further advance towards immediate resistance $2433-$2435
If this zone is not breached with strength, rejection from this zone will call for retracement towards horizontal support and local demand zone $2400-$2380 where buyers are very likely to resurface for yet another bullish rally that may witness a sharp up move reaching $2455-$2465
This area may act as supply zone and if bears take control from this high, a sharp and deeper correctional fall may be witnessed that could reach as low as $2335
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