Gold silent before the storm
Overall gold and the other precious metals were losing their shine this year with FED lifting up the rates, demand lagging and ongoing Trade War. We have observed a quite long and steep negative trend for gold and it has reached a point where Bears are taking a break from the sell-offs. We've witnessed classic patterns and moves from the yellow metal as it has always made those impulses after some time of silence and a sideways movement. Gold landed at 1160.20 on 15.08.2018 and the bleeding stopped. The daily candle made a false breakout and left a very big shadow, signalling that this move has ended and the Bears had enough. Bulls moved in, building up the correction and we are starting to see a formation slowly getting a shape. What it may be, depends on tomorrow's FED outcome as we have the FED statement and the FED policy rate decision as well. The forecast is for another lift and if this happens we are going to see the price moving down again, finding an exit from the sideways movement currently between 1210 sell zone and 1190 buy zone. I will be expecting a move down towards the zone and sliding inside of it, but Bears will need to show a strong determination for their breach if they want to resume the negative trend. The other way this can go is for a sharp move up if we don't see a change in the rates or in the policy behaviour of the FED as well. No matter which side you are going to take, always use an appropriate stop loss in regards to your risk and money management.