Gold - Supports Ahead of the Fed
Gold weekly RSI has pushed back into overbought territory following the ECB-fueled breakout from last week.
With the Fed set to start a cutting cycle that could potentially last for years, there's been a strong bid behind gold as the prospect of a 50 bp cut has started to get more attention.
Nonetheless chasing this higher at this point could be a challenge given that buyers have already shied away from a test of the 2600 level. The 23.6% retracement of the September move is what's helped to hold the pullback's low so far, and that plots at 2561.
Prior range resistance is confluent with the 50% mark from that same major move at 2531.
An in between is another spot of interest with the 38.2% retracement of that move plotting at 2544 and confluent with the 2550 minor psychological level. - js
With the Fed set to start a cutting cycle that could potentially last for years, there's been a strong bid behind gold as the prospect of a 50 bp cut has started to get more attention.
Nonetheless chasing this higher at this point could be a challenge given that buyers have already shied away from a test of the 2600 level. The 23.6% retracement of the September move is what's helped to hold the pullback's low so far, and that plots at 2561.
Prior range resistance is confluent with the 50% mark from that same major move at 2531.
An in between is another spot of interest with the 38.2% retracement of that move plotting at 2544 and confluent with the 2550 minor psychological level. - js
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