Interest rates raised by the Fed to 1% on Wednesday seem enough to give temporary relief to yellow metal bulls, and the gold futures price seems to be factored into this raise during the last two trading sessions. On analysis of the movement of gold futures price since March 9th, 2017 in different time zones, I find that gold futures prices started a downward journey after touching a high of $1260 on February 27th, 2017 after facing resistance at 200 DMA in a daily chart, amid different expectations of forthcoming events.
Now it seems to face stiff resistance at $1232, even sustaining its presence at a critical level at 200 DMA in a 4 hour chart. In view of the forthcoming events this week, movement of gold futures price may be too volatile to predict a definite directional move; I have concluded a “Decisive Trading Zone” in 4 hour chart along with a breakout zone, downward trend zone and a support zone.
Disclaimer: This analysis is purely based on the technical observations. I do not have any position in Gold. One can create position in Gold at his/her own risk.