GOLD Consolidation Ahead of Key Fed Decision
Updated
Gold Technical Analysis
Gold continues to consolidate between 2,638 and 2,653, awaiting a breakout. Currently, the price may attempt to test 2,638, and a 4-hour candle close below this level would confirm a bearish trend, with a target of 2,623. Conversely, stability above 2,653 would support a bullish move, with a potential target of 2,665.
Today's Fed rate decision will significantly impact the market. A 0.25% rate cut would likely have a bullish effect. However, the key focus will be on Powell's remarks during the meeting—if he signals further rate cuts in the next meeting, this could strongly support a bullish trend.
Key Levels:
Pivot Point: 2645
Resistance Levels: 2653, 2665, 2678
Support Levels: 2635, 2623, 2612
Bearish Momentum: Below 2,638
Bullish Momentum: Above 2,653
Gold continues to consolidate between 2,638 and 2,653, awaiting a breakout. Currently, the price may attempt to test 2,638, and a 4-hour candle close below this level would confirm a bearish trend, with a target of 2,623. Conversely, stability above 2,653 would support a bullish move, with a potential target of 2,665.
Today's Fed rate decision will significantly impact the market. A 0.25% rate cut would likely have a bullish effect. However, the key focus will be on Powell's remarks during the meeting—if he signals further rate cuts in the next meeting, this could strongly support a bullish trend.
Key Levels:
Pivot Point: 2645
Resistance Levels: 2653, 2665, 2678
Support Levels: 2635, 2623, 2612
Bearish Momentum: Below 2,638
Bullish Momentum: Above 2,653
Trade active
#GOLD
Update
Moving Well +500 pip ✅
The price reached the last support line which is 2587 should break 2585 to be bearish, otherwise as long as trade above 2585 it means bullish toward 2612.
the movement range will be between 2585 and 2612.
Timeframe 4h, 1h
Current price 2593
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