The trend is unknown, waiting for the decision from the Fed
Updated
Gold prices are struggling to find meaningful momentum as the market awaits a new catalyst. The narrative of enduring higher interest rates by the Fed has curtailed the potential for XAU/USD's price increase.
From a technical standpoint, the ability to consistently break through the resistance at $2,041-$2,042 would serve as a fresh stimulus for bullish speculators, propelling gold further towards the next relevant barrier around the $2,065 zone. With oscillators on the daily chart just starting to gain positive traction, the momentum could extend further, reigniting the possibility for XAU/USD to revisit the notable $2,100 mark.
On the flip side, the weekly low around the $2,025-$2,024 area, recorded the day before, may continue to offer some support ahead of the 100-day SMA, currently near the $2,013-$2,012 zone. The next psychological milestone for gold could well be the significant $2,000 threshold.
From a technical standpoint, the ability to consistently break through the resistance at $2,041-$2,042 would serve as a fresh stimulus for bullish speculators, propelling gold further towards the next relevant barrier around the $2,065 zone. With oscillators on the daily chart just starting to gain positive traction, the momentum could extend further, reigniting the possibility for XAU/USD to revisit the notable $2,100 mark.
On the flip side, the weekly low around the $2,025-$2,024 area, recorded the day before, may continue to offer some support ahead of the 100-day SMA, currently near the $2,013-$2,012 zone. The next psychological milestone for gold could well be the significant $2,000 threshold.
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