Spot gold trade idea continued

A set of dovish FOMC minutes resulted in a US dollar sell-off and kept gold’s recovery on track. 

Source: Bloomberg

The precious metal traded through the downtrend resistance in the $1220 region and unfortunately this means the trade has been stopped out.

As this trade was primarily centred on this event, today was pivotal for it and was always going to be decisive on which way gold will go in the near term. While gold might still stutter in this region, I am comfortable staying on the sidelines for now.   

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