Gold might just go sideway before FOMC. There is an opportunity to do a bit of scalping. Based on the pattern, the strategy is like the following:
– Sell gold at 1304
– Stop loss above the high of the Rickshaw Man doji candle at 1307.
– Take profit some where in the range 1297- 1292. Maybe half at 1297 then the rest at 1292.
– Sell silver at trend line re-test around 15.40 to 15.43
– Stop loss above the high of the doji candle at 15.53
– Take profit somewhere in the range 15.00 to 15.15 (Half at 15.15 then the rest at 15.00)