Gold Surges Past $2,420 Amid Anticipation of Fed Rate Decision
Updated
Gold Prices Climb Above $2,420 as Traders Brace for Key Fed Rate Decision
Anticipation for Fed Guidance Boosts Gold Prices
Gold prices (XAUUSD) surged for the second consecutive day, surpassing $2,420, up more than $40 from yesterday’s opening level of $2,377 per ounce. This rise comes as traders prepare for the Federal Reserve's key interest rate decision, expected to maintain the benchmark rate at 5.50%. However, the market focus is on potential hints of a rate cut in September from Fed Chair Jay Powell.
Technical Analysis: Gold
Current Outlook: Gold prices have stabilized in a bullish zone, targeting $2,428. Today’s price movement is highly sensitive due to the upcoming Federal Reserve rate decision and subsequent guidance from Powell.
Bullish Scenario: If the price breaks $2,428, it could continue its bullish trend towards $2,440 and $2,450.
Bearish Scenario: A reversal and stabilization below $2,420 could lead to declines to $2,412, $2,397, and further down to $2,378.
Key Levels:
- Pivot Line: $2,420
- Resistance Levels: $2,428, $2,440, $2,450
- Support Levels: $2,412, $2,397, $2,378
Today's Expected Trading Range: The price is anticipated to fluctuate between the support at $2,397 and the resistance at $2,440.
Traders should brace for heightened volatility in gold prices as Powell's remarks could significantly influence market movements.
Anticipation for Fed Guidance Boosts Gold Prices
Gold prices (XAUUSD) surged for the second consecutive day, surpassing $2,420, up more than $40 from yesterday’s opening level of $2,377 per ounce. This rise comes as traders prepare for the Federal Reserve's key interest rate decision, expected to maintain the benchmark rate at 5.50%. However, the market focus is on potential hints of a rate cut in September from Fed Chair Jay Powell.
Technical Analysis: Gold
Current Outlook: Gold prices have stabilized in a bullish zone, targeting $2,428. Today’s price movement is highly sensitive due to the upcoming Federal Reserve rate decision and subsequent guidance from Powell.
Bullish Scenario: If the price breaks $2,428, it could continue its bullish trend towards $2,440 and $2,450.
Bearish Scenario: A reversal and stabilization below $2,420 could lead to declines to $2,412, $2,397, and further down to $2,378.
Key Levels:
- Pivot Line: $2,420
- Resistance Levels: $2,428, $2,440, $2,450
- Support Levels: $2,412, $2,397, $2,378
Today's Expected Trading Range: The price is anticipated to fluctuate between the support at $2,397 and the resistance at $2,440.
Traders should brace for heightened volatility in gold prices as Powell's remarks could significantly influence market movements.
Comment
reached our second target perfectly which is 2440now should break that to get 2450
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