Gold is rising, forming a series of flag-like patterns. Only a few hours remain until the FOMC decision, which could determine the next leg of this move or break the short-term cycle, leading to a retest of the 3000 level. Key levels to watch are 3025 as support and 3045 as resistance.
On the downside, the first target is the 3000–3006 zone, which includes both the psychologically significant 3000 level and the 23.6% Fibonacci retracement level.
On the upside, a breakout could target 3075, aligning with the 61.8% Fibonacci extension level.
On the downside, the first target is the 3000–3006 zone, which includes both the psychologically significant 3000 level and the 23.6% Fibonacci retracement level.
On the upside, a breakout could target 3075, aligning with the 61.8% Fibonacci extension level.
Trade active
3045 resistance turned to support. It will be important if it can hold.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.