Gold Price Trades Between It’s Key Levels before FOMC

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The rally from December takes the shape of a wedge, which could spell trouble for the yellow metal as wedges often resolve with sharp reversals.” Gold has erased all of February (February low is 1198.06). The wedge target is the 1/27 low at 1180.42. January resistance should be watched for resistance again near 1219.