FOMC induced bounce was short lived and gold has again selected downward path. Sharp downfall is stabilizing near 50% Fib retracement level ( 1180 ) and likely to stage a bounce. We will be looking to sell such bounce near 1200 and 1220. The best way to trade Gold in current choppy situation is to be prepared during any major data release or speaker schedule and then fade the sharp upward moves. Best level to short is still 1240.
