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Gold muted awaits the FOMC Monetary PolicyMay’s U.S. consumer price index (CPI) came in lower than expected, showing that inflation may be cooling off. The gold price used to surge to $1,970, and then the traders liquidated their position. The gold price dropped below $1,950 since the market awaits the Federal Reserve's monetary policy decision. Investors will look for clues on the Fed's interest rate hikes and monetary tightening plans. If the Fed signals a more aggressive tightening path, it could boost the dollar and bond yields, weighing on gold. Gold prices fell after the lower-than-expected CPI print but remain supported by longer-term inflation fears, geopolitical risks, and a wait-and-see approach ahead of the FOMC meeting. This week, the Fed’s tone, signals and the coming up U.S. data will be necessary for determining gold's next move.
TVC:GOLD
by ATFX_Global
xauusd Update for gold. Negative US data impacted on this chart. Some may see it as an elliot wave theory approach in the 4H chart with waves 2 and 4 pretty small. The fact is that the pair is now bullish. So, the three green line are in my view the key support levels for intraday trades especially the 1730 zone which is in confluence with 0.5 Fib level. Furthermore, the 1764 level has been a strong resistance level which has not been touched since 26th of August. Watch price action. Big wicks etc close to this level. if price breaks above and holds it will go for the 1803 level.s On the other hand, there an equal probability for price to sell a bit and seek for support close to the above mentioned fib levels and green line supporting areas.
OANDA:XAUUSDLong
by The_Forex_Path
1
XAUUSD longThis fancy pair has reached an overbought level - short term speaking. Two immense bullish candles and the retracement has already started. For the second big move, price may retrace to 0.5 level for a nice 50 pips target - buying opportunity. 50 pips is enough! However, in terms of the whole move that started approx. @1617, the price may retrace to black Fibo drawing which is in confluence with major former resistance level - if this happens it will be a great retest opportunity if we see long wicks to the bottom and not big red candles!!! Also, the 1675 area is a high volume one with possible OBs lying there for strong bullish reaction. Targets for the big buys -> 1713 area. Reminder: Gold has broken bearish daily trend line and has overcome many resistance levels by hunting retailers of course. Even a 1657 area touch - trendline retest for continuation back up is possible. Waiting to see your ideas in comments. Goodluck!
FXOPEN:XAUUSDLong
by The_Forex_Path