Gold News Update - 27 September 2018

PRECIOUS METALS RANGES- Trade date: September 26th

COMMENTS:
Choppy trade around the time of the US Federal Reserve Board’s FOMC MonPol announcement (25 basis point interest rate hike as anticipated) was seen yesterday. When all was said and done, XAU/USD remained within the now well established sideways trading range. Selling rallies / buying dips as appropriate, remains the prudent course of action. The broader sideways trading range between the Aug 24th low at USD 1183.20 and the Aug 28th high at USD 1214.85 remains in play. XAU/USD needs a close above the 55 Day moving average at USD 1206.50 and more importantly, a move and close above the downtrend / resistance line (USD 1218.60) - which has remained undefeated since gold began its retreat in mid-April -, before thoughts of consistently higher levels can be entertained.

Kind regards,
Andre