Gold Markets Pullback Looking for Support

$XAU $GLD

Gold markets pulled back during the trading session Tuesday, reaching towards 1565. This is an area that should attract some attention but support is in the 1550 region, so waiting for some good support makes sense. With that in mind I like the idea of buying the dip on a short-term chart, keep an eye on the daily chart as a roadmap.

Price of Gold Video 29.01.20

The FOMC Statement Wednesday will have influence on where USD goes, and therefore should have influence on where gold goes. Gold should get a boost.

It is in an uptrend, and that has not changed despite the fact it has seen a couple of rough days. It is not until it breaks down another 70 that we should get concerned about gold.

So, wait for daily candlesticks to form that tell us it is time to go long, and then trade accordingly.

Stay tuned…

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