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.

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