Short Term Outlook: Gold (XAU/USD)
- Gold moves in rigid boundaries since June 17, 2021.
- The pair made intraday high at $1,785 and low at $1,770 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,784 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,770 will check further supports.
- U.S. stocks open almost flat on Monday and Investors have been waiting for the Fed to start the taper talk.
- Last FOMC’s hawkish tone is a reflection of their certainty that U.S. economic data will continue to improve in the coming months.
- Traders are eagerly waiting for the U.S. NFP Job data due on Friday.
Take a look and do trade wisely!