Two Trades To Watch: EUR/USD, Gold

Caution keeps investors on the sidelines ahead of the Fed meeting as investors await more clues on the timing of potential tapering. 

Gold technical analysis

The daily chart paints a bearish picture as gold trades below a descending trendline dating back to early August and below its 50 & 100 sma. The 50 sma also crossed below the 100 sma in a bearish signal and the RSI is below 50 supportive of further losses.

To the downside immediate support is seen at $1838 low 22nd January, prior to $1800round number and January low prior to $1763 November low.

An attempted recovery could see the 50 sma tested at $1856 prior to a move towards $1880 the confluence of 100 sma and the descending trend line before $1900 round number.

 

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