Price Zones to Watch After FOMC
Gold prices attracted some buying as prices fell in Asian trading on Thursday and now appear to have halted the decline from the $2,600 mark or a new all-time high hit the previous day. The US dollar (USD) pared some of its intraday gains to a one-week high, which turned out to be a key support for the commodity. Moreover, concerns about an economic slowdown in the United States (US) and China - the world's two largest economies - and geopolitical risks stemming from ongoing conflicts in the Middle East benefited the safe-haven precious metal.
Meanwhile, fading hopes of a more aggressive easing policy from the Federal Reserve (Fed) continued to push US Treasury yields higher. This could act as a bullish impetus for the Greenback and hold back any meaningful upside move for non-yielding Gold.
Technical Analysis
Post FOMC bearish candle and key zone at 2573 Fibonacci 0.5. That zone converges with the corrective downtrend channel so we can set a SELL signal. Yesterday's low at 2545 could be the most reliable support zone today as the downtrend channel widens.
Pay attention to the session timings to avoid a fall break.
SELL scalp 2573 - 2575. Stoploss 2581
SELL scalp 2583 - 2585. Stoploss 2589
BUY 2547 - 2545. Stoploss 2541
BUY 2527 - 2525. Stoploss 2521
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