Gold Price Analysis December 17

Updated
Fundamental Analysis
Gold prices traded in a narrow range during European hours on Tuesday and remained near a one-week low touched the previous day. Traders appeared reluctant to signal further interest rate cuts by the Federal Reserve (Fed) before placing any fresh bets. This, in turn, resulted in a range-bound price action for the second consecutive day and ahead of Wednesday’s key FOMC policy decision.

Meanwhile, expectations of a less dovish Fed continued to support higher US Treasury yields, which helped the US Dollar (USD) attract some buyers and act as a drag on non-yielding Gold. However, persistent geopolitical risks stemming from the protracted war between Russia and Ukraine and tensions in the Middle East supported the safe-haven. Traders now look to the US Retail Sales figures to see what the market will do next.

Technical analysis
The important support zone 2647.2 plays a key role at the moment to help gold prices stand firm against a sell-off, when this zone breaks out and waits for a retest to sell, gold will return to the target around 2627 and 2615. When gold fails to break 2647, we have to wait until the Asian session leaves completely and only the European session remains, then we can buy back around 47 and aim for the target of the SELL entry zones around 63-65 and 75-77.
Wish you good trading with my strategy
Trade active
sell retest zone 2646 brought profit 60 pips
Trade closed: target reached
Gold price recovers above $2,650 in the lead-up to the Fed showdown
Gold price is recovering above $2,650 in Wednesday's Asian trading even as the US Dollar holds its bounce amid a risk-off market environment. Traders stay cautious in the run-up to the Fed event risk, which could significantly affect the value of the US Dollar and Gold price.
Fundamental AnalysisTechnical IndicatorsTrend Analysis

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