Gold is bullish corrective rebound in 1107 to try to resolve the wave 4 before it is expected to return to break-down the support at 1098. This weekend there will be a significant moment when the release of the results of the FOMC meeting dealing with the issue of the increase in interest rates by the FED. The current market opinion remains evenly split between the pros and cons of this interest rate increase, although the last record is stronger towards the delay in the increase.
While the US PPI Data released in August did not change the menjeaskan that the FED is still far from achieving the goal of inflation targeting. University of Michigan consumer sentiment mengekecewakan, fell to 85.7 in September, well below expectations of 94.0, also when compared to 91.9 in August. FED will pay attention to the release of August retail sales data next week before making a decision in their FOMC.
Technical Analysis
At the H1 chart below can be one of the possible Elliott Wave count that can help you take trading decisions today.
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