Short

GOLD - Price tests resistance ahead of FOMC meeting

Updated

is testing 2030 and forming a false breakdown. Today the market is waiting for news from the FOMC, where they are likely to discuss inflation, interest rate and may make some statements. At this time the metal price is forming the range of 2030 - 2016

Globally, gold is flat as investors are confused by the US market regulators. But, interest in the metal is still high from the Central Bank, at the same time the GOLD-ETF is caught up in a wave of sell-offs due to the Fed's sharp statement last week about a possible interest rate cut in summer instead of spring.
Technically, gold may head towards 2020, 2016 support from resistance. But, at the time of news, the price may test 2029 and 2037 before further correction to these targets.

Resistance levels: 2029, 2037
Support levels: 2020, 2016, 2004

The market is neutral and the price is moving between strong levels. Most likely, on the background of the FOMC speech, the price may again form a bearish correction after the resistance retest.

Regards R. Linda!

Note

The dollar is forming a bullish trend amid the US regulators backing the index. The price at the same time is forming a strong support area at 103.987, trying to consolidate above 104.0

FOMC's Bostic speaks today at 13:00 GMT and may give some comments and then before the main meeting at 19:00 GMT, Bowman will speak at 18:00. Quite important personalities who last time refuted all the statements of Powell, who blabbed about a rate cut in February-March.

Inflation in the USA is experiencing difficulties and has grown a bit, after that the Fed changes its view and postpones a possible rate cut to the summer.

Based on the general picture, we can make a guess that at today's meeting they will again hint at an unlikely rate cut and high inflation. But let's not forget about the politics of the US President in the election race :)

Note

False breakdown of resistance leads to the price fall, which again confirms the presence of the range

Note

Interim 2020 target achieved
A rebound is forming.

There is no trend on the market globally. Gold's fundamentals are negative due to FED & FOMC policy

Note

Price is testing 2030 again.
There is a growing chance for a breakthrough of 2030 and growth to 2037

RLinda

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