XAUUSD is reducing volatility amid expectations of FOMC data release. Earlier we saw an attempt to break the strong trend resistance, but now there are nuances appearing
The Federal Reserve is not going to raise or lower rates (at the level of rumors). In any case, this is positive-neutral news for the dollar. That is, if the situation does not change, the negative background for the gold market will be confirmed, and an attempt to break the trend resistance will be a trap on the part of the market maker. A false breakout will increase the liquidity volume and may form a strong red impulse. At the moment the level of 1928 separates us from the fall. And in general, the resistance of 1938.9 is important for the market - the level has not been tested yet, and it may happen at the moment of reporting publication due to the increased volatility. But, if
DXY happens to get a weak (negative) fundamental background, gold may confirm the breakout of trend resistance and head towards 1950. Price is trading inside the moving averages range, the market is giving us a false breakout of MA-50
Resistance levels: 1932, 1935, 1939
Support levels: 1928, 1922
The medium-term outlook for XAU depends partly on today's FOMC press release, which comes out at 18:00 GMT. Strong data for $ will negatively impact XAU pricing and vice versa
Regards R. Linda!
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