Gold Wednesday 19th March 2014

Firstly, sorry for the late post today, I have been actively trading throughout the day and watching the charts like a hawk as I was trading quite heavy lots for today. Happy to say all my trades have hit TP today.

We have reached the bottom support of Support Zone 1 (see daily chart below) where I took off all my short trades.

The FOMC is later on today 19:00 GMT+1 and I took off my shorts due to this. We could quite easily hit the 132x levels today however I would prefer to stay out of trading for the rest of the day until things clear up overnight and start fresh again from tomorrow.

3 days in a row now we have had bearish candles on the daily TF. A lot of short term support also taken out.

I am going to see how PA reacts to the FOMC and then see how the charts are looking tomorrow before deciding whether to long or short Gold now.

The correction so far has been nice however I still see room for it to go lower before find extreme support for the path back into the 142x levels.

Today's high has been 1359.55 and currently  there has been a low of 1337.684.