Gold- Will FOMC be the trigger?

2021年12月15日

It's been a very frustrating two weeks for swing traders like me, who are targeting 3-500 pips per Gold trade, with the price fluctuating in a very narrow range, slightly under 1800 and slightly under 1770. However, as I said yesterday, my bias is strongly bearish for Gold, and will remain so as long as we are under 1800-1810 zone.
Looking at the posted 1h chart, we can see that the pressure is on the downside and is like Gold is waiting for a trigger to drop.
Tonight's FOMC could be this trigger and, considering 2 weeks of range trading, when/if we will have a down break, the price should fall hard.
My target remains, again, 1720, but, to be honest, if 1760 support falls I wouldn't be surprised if we will have an 800 pips drop to the next important support at 1680 by year's end.