GOLD/USD Forecast September 19, 2014 - Technical Analysis | MBCFX.com
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GOLD/USD Forecast September 19, 2014
 
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Fundamental Analysis

The Gold dropped to its lowest levels as the Federal Reserve sounded more Hawkish, the Fed signaled a sooner than expected hike in U.S. interest rates .

The Fed chairwoman Yellen down played the FOMC statement and has claimed the bank will maintain reducing the stimulus program however raising the interest rates need more time.

Technical Analysis



As we can see on the 4h-chart, the gold continues to move within 10 pips range forming a bearish flag. The yellow metal is expected to find a resistance around $1230 per ounce. A break above will send the prices to $1237 per ounce. Otherwise, support lays at $1219 per ounce and a then the precious metal could break below $1200 level.

The trend remains bearish as long as the prices are trading below its 200-Daily Moving Averages. The short trigged at $1302 where SMA (20) crosses SMA (50) to the downside at.

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