Click here for our latest promotions

Gold bears are back in action


Gold rallied during the release of the minutes, but it was short lived. The yellow metal is under pressure near two-week low. FOMC officials signaled more rate hikes coming at a slower pace since they did not see enough evidence that inflation had already eased.

Looking at the 4-hour chart, the bias remains bearish. $1,760 acts as the immediate support and if sellers manage to break this hurdle, $1,750 will be on the bears radar. Should the downside momentum persist, a target of $1,735 cannot be ruled out.

On the flipside, resistance is seen at $1,775 followed by $1,783. As long as prices are trading below $1,800, XAU bears are still in control.

Related Articles