GOLD / D1 / Possible correction
Last 2 months Gold was pretty much in a free fall, once it cleared 1290ish levels it went down sharply.
It is currently sitting at strong support around 1220.
If it breaks first resistance TL it could go up to next SR zone which is at 1240.
In case we break through 1240, our next target is 1260 which is another strong SR zone + there is next resistance TL.
On the other side, daily close below 1220, will indicate further downside.
Beware that on Wednesday FED is going hold interest rate meeting and it is expected that rates will remain the same through this meeting. This could add some pressure to Dollar, but in case FEDs suggest 2 more hikes this year Dollar will be strong.
It is currently sitting at strong support around 1220.
If it breaks first resistance TL it could go up to next SR zone which is at 1240.
In case we break through 1240, our next target is 1260 which is another strong SR zone + there is next resistance TL.
On the other side, daily close below 1220, will indicate further downside.
Beware that on Wednesday FED is going hold interest rate meeting and it is expected that rates will remain the same through this meeting. This could add some pressure to Dollar, but in case FEDs suggest 2 more hikes this year Dollar will be strong.
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