XauUSD - Stable after a series of exciting days
Dear friends! As expected by the market, the Federal Reserve (Fed) has decided to maintain interest rates at a range of 5.25% to 5.5% as an optimistic signal for the economy. The Fed raised interest rates significantly for most of last year, bringing them to around 5.25% to 5.5% with the expectation of achieving a target inflation rate of 2%.
Regarding forecasts: Overall, the Fed maintains a tightening trend, but that stance is not enough to make the gold market concerned as prices remain below $2,000 per ounce. Therefore, our upcoming focus should be on concerns related to the Israel-Hamas conflict, which may have a greater impact on gold than the Fed's monetary policies.
Regarding technical analysis: At the time of writing, the price is trading at $1,987, breaking out of the upward channel and indicating a downward trend. With the current support level forming at $1,977, this precious metal may once again reach $2,005 before cooling down with an expected decrease towards the support levels at $1,980 or $1,965. What are your thoughts? Do you agree with me?
Regarding forecasts: Overall, the Fed maintains a tightening trend, but that stance is not enough to make the gold market concerned as prices remain below $2,000 per ounce. Therefore, our upcoming focus should be on concerns related to the Israel-Hamas conflict, which may have a greater impact on gold than the Fed's monetary policies.
Regarding technical analysis: At the time of writing, the price is trading at $1,987, breaking out of the upward channel and indicating a downward trend. With the current support level forming at $1,977, this precious metal may once again reach $2,005 before cooling down with an expected decrease towards the support levels at $1,980 or $1,965. What are your thoughts? Do you agree with me?
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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.