Sasha Singh
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Gold Fluctuating, Bullish Bias Remain Intact

(XAUUSD : 4 Hour Chart)

Gold price are fluctuating ahead of the Fed meeting minutes however tensions in Iraq continued as its largest refinery got attacked by Sunni Militants using Machine guns and Mortars. Investors are expecting Fed to taper its bond purchasing program by $10 billion from current $45 billion per month. The price would basically react on the tone of Fed on the economy and projection for the timing of the interest rate increase. On the 4 Hour chart, Gold is currently fluctuating between the rising support trend line and the resistance at 1274.12. 50 day SMA moving above the 100 day SMA is giving a bullish signal and we can expect the pair to break the resistance and move above this resistance.

(XAUUSD : 4 Hour Chart)

Fibonacci Retracement Levels on the chart is showing two important pivot levels breaking which will give a confirmation for the future trend. 23.6 fib level is the resistance and breaking this level will again push the pair to the previous resistance at 1284.83. Fib level 38.2 is acting as support right now breaking which will give a bearish signal and the next support levels would be 50 fib level and 61.8.