Gold Up on Weak Dollar

Gold is trading sharply to the upside since yesterday's announcement by the Fed to raise the interest rate. The precious metal reacted bullishly to the news as traders and investor flew to it as a safen haven in light of the depreciating US dollar.

Lately, Gold has been losing ground making new bottoms and exiting trading channels thus making it hard for investors to find a good long entry point. The latest depreciation in Gold could still not be over. Yesterday's price boost sent Gold to $1,259 from a low of $1,235.

The upward move in Gold does not appear to be sustainable and the trend may soon continue on its way down. It's important to have clearly defined entry and exit points before entering into the Gold market in such an uncertain trading environment.

Chart: XAU/USD H4