Short

GOLD → Waiting for the news. What are the odds of a fall ↓ ?

Updated

is trading under resistance pressure. The market is still forming a downward correction channel after a strong rally. Ahead of important news that will determine the medium-term outlook.

The price is testing the correction resistance, but at the same time sellers are still holding the market back. Buyers do not let the price go beyond 2145-2150, thus a bearish pattern like a descending triangle is formed on the chart. The market still has a chance to break the support and this set-up has a high probability.
The news is coming and everyone is waiting for what Powell has to say about the rate and inflation. His words may determine the medium-term outlook for the market.

Resistance levels: 2160, 2163
Support levels: 2152, 2144, 2125

I am still inclined to believe that we have a fall ahead of us (globally - false breakdown of 2145-2150). Before that, on the background of news, the price may retest the resistance. The main prospective target is the price decline on the background of strengthening of the dollar index.

Regards R. Linda!

Note

Today is quite an important event:

18:00 GMT - FOMC Economic Projections
18:00 GMT - FOMC Statement
18:00 GMT - Fed Interest Rate Decision
18:30 GMT - FOMC Press Conference

Analysts are waiting to see what Powell has to say about inflation, the US environment and the interest rate. And especially: what is their future policy, their view on the situation and what they think about a rate cut.

If the Fed hints at only 2 rate cuts, it will be a clear enough reason for the dollar index to continue to rise, as the Fed will then adopt a hawkish stance. This will continue the phase of supporting the US market economy and appreciating the dollar index.

The Fed is likely to leave the rate unchanged at its meeting today March. But analysts and markets are already estimating the possibility of 2-3 Fed rate cuts this year

Let's wait for 18:00-18:30 and hear what they tell us :)

RLinda

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