Gold rose steadily yesterday in what we believe to be a B wave rally within an ABC correction. The high for the B wave so far is 1668, being a 38.2% retrace of wave A.
All eyes are now on the FOMC statement due to be released at 7.15pm UK time and we suspect the price will continue to drift higher in quiet trading until then.
The powerful rally in oil continues, with the price now above $97.50 a barrel. The dollar remains weak - any further hints at economic stimulus measures tonight will see the dollar fall hard, however any signs that quantitative easing is coming to an end will see the dollar rally.
Today's video looks at the ABC correction in more detail and our strategy for our current trade.
All eyes are now on the FOMC statement due to be released at 7.15pm UK time and we suspect the price will continue to drift higher in quiet trading until then.
The powerful rally in oil continues, with the price now above $97.50 a barrel. The dollar remains weak - any further hints at economic stimulus measures tonight will see the dollar fall hard, however any signs that quantitative easing is coming to an end will see the dollar rally.
Today's video looks at the ABC correction in more detail and our strategy for our current trade.