19 June Wednesday View

We didn't post any Weekly View nor Daily Views since Monday because Gold's trading range has been very tight and all the levels mentioned in previous analysis remained unchanged. If you look at chart and compare prices and levels you'd understand better.

Market Participants were anticipated to wait today's releases FOMC Economic Projection, FOMC Statement, Federal Fund Rate and FOMC Press Conference which would indicate something on QE. These releases sure are expected to be a shaker and high volatility during announcement is expected. Once market absorbs the information released, we are expecting the price to catch or at least give us some indication about the direction.

As the meeting started yesterday, Gold has broken the uptrend support line we mentioned yesterday early morning in our Fans Exclusive Page, broken 33000 level as well and tested a low of 32817 by later in the day.

Overall, broader outlook has remained unchanged from previous weeks, Cautiously Bearish, but as mentioned earlier today's reaction could push the price in either direction. And Market Force is the greatest force against which there is not much anything that could be done other than to flow with that in its direction.

Stay Safe :)