GOLD → Range boundary confirmation. FOMC...
Updated
Gold is strengthening to the 1980 level, but it is still within the downward channel and in the boundaries of the sideways range. Today, the Federal Open Market Committee will release the minutes of the central bank meeting three weeks ago.
The price is still under bearish market pressure. Today, on the news the price might test the resistance of the channel and try to break it.
There were hints of more positive Fed policies towards the end of the previous week and if there are more neutral or positive news for the gold market today and Friday, the metal might break the resistance and start rising to 2000 and then to 2025.
From the technical analysis point of view, I might expect the price to fall from the upper boundary of the channel or from the upper boundary of the side range, because those boundaries are strong enough.
50-hour moving average acts as support
200-hour moving average acts as resistance.
The Federal Open Market Committee will release today the minutes of the central bank's meeting three weeks ago. Investors expect the Fed to hint at the timing of a rate hike and that the Fed will hold rates higher for longer.
Markets may not take action after the report is released: that would happen if the reports have no or few specific details that were not known immediately after the meeting. The really important thing is the timing of the interest rate change.
Regards R. Linda!
The price is still under bearish market pressure. Today, on the news the price might test the resistance of the channel and try to break it.
There were hints of more positive Fed policies towards the end of the previous week and if there are more neutral or positive news for the gold market today and Friday, the metal might break the resistance and start rising to 2000 and then to 2025.
From the technical analysis point of view, I might expect the price to fall from the upper boundary of the channel or from the upper boundary of the side range, because those boundaries are strong enough.
50-hour moving average acts as support
200-hour moving average acts as resistance.
The Federal Open Market Committee will release today the minutes of the central bank's meeting three weeks ago. Investors expect the Fed to hint at the timing of a rate hike and that the Fed will hold rates higher for longer.
Markets may not take action after the report is released: that would happen if the reports have no or few specific details that were not known immediately after the meeting. The really important thing is the timing of the interest rate change.
Regards R. Linda!
Note
Confirmation of strong resistance and confirmation of range boundaries
The price forms another retest of support. Closing near the level of 1954 is formed, which may be a bearish signal
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