Gold Trader

May the 20th, 2021

Gold USD 2 Dollar Box Cart at http://www.eightdragonscapital.com

Yesterdays Trading had everything plunges to test support at 1854 then big rallies to take out resistance at 1874 and 1882 to post a new high at 1888.

When the Federal Reserve released their minutes from the April meeting, there was a surprise that some members were talking about a change in policy at some unspecified time in the future, IF the US economic recovery continues to power ahead.

Of course that meeting was before the big NFP data miss, and the jump in US Inflation.

For Trading today we are back where we started yesterday morning. Support is now at 1862 and if broken you will find stronger support in the 1854 to 1852 area.

Resistance is at 1874 again and if broken we will head back above 1880 to 1884.

The Fed minutes were a distraction and will make the market think about higher US Interest rates, but that may be some way off, and we will need to see more employment and inflation data in the coming months to really come to a balanced view. In the meantime real US Interest rates are going to keep the Dollar depressed.

Analysis provided by eightdragonscapital.com

For more information on trading Gold and Forex Markets contact us at support@8dragonstrade.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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