Monday, September 16, 2013

Strategy for Gold on FOCM meeting

Today all eyes are on FOCM meet to be held. Not only commodity and Gold but Forex and stock market will have implication of the meeting which is to be held today or tomorrow(Source: Business Standards). Anticipating strategies for gold, all eyes are on tapering of bonds by fed. Many experts believe that Fed will come up with taping of bond buying program. If it happens gold will loose value globally.

Technical
An open up candle followed by a bearish engulfing had given a clear indication of a possible bearish trend 28k &26K are the good supports as seen in technical charts. More clarity will be seen after fed's bond buying strategy.