XAUUSD - 15M Pre-FOMC

15M Range. We should see accumulation and ranging movement up until the US open where we have some news. The main event is FOMC later today so expect there to be volatility in the markets during and after the release.

The main movement will come during the press conference where the press will be looking for clues and probing towards growth, tapering and asset purchases. Expect volatility in the markets and expect there to be extreme swings. We would recommend you don't trade today unless you have at least 6 months trading experience. The market will be looking to trap retail traders in positions before the release and then its likely it will go against you. Trade small, trade safe, have a risk strategy in place.

The chart is for reference showing the immediate 15M range and trend, its possible to trade small within the range using the trend and the support and resistance levels taking entries and exits from level to level.

We'll be back an hour or so before the FOMC release with our usual analysis and trade idea.

As always, trade safe.

KOG