Gold bulls explode! Gold prices head towards $2,035
Spot gold maintained a strong intraday trend, with gold prices currently around $2023 per ounce, and further escalation of the geopolitical situation in the East supported gold prices. U.S. economic data will be relatively light on Monday, so geopolitical developments and positioning ahead of the Fed's interest rate decision may affect gold price trends.
Gold prices have broken through the 50-day simple moving average (SMA) barrier, but bulls will need to wait for gold prices to break through the resistance area of $2040-$2042/$ to prepare for further gains ahead of Wednesday's Federal Open Market Committee (FOMC) decision.
Gold prices need a daily closing price above $2,030 per ounce to start an upward trend toward resistance near $2,038 per ounce.
From a technical perspective, gold may continue to attract some sellers near the $2040-2042 resistance area after breaking above the 50-day moving average, currently around $2027-2028 /oz. If gold prices continue to strengthen, it could trigger a short-covering rally and push gold prices further to the $2,077/ounce barrier and then towards the $2,100/ounce round mark.
Note
Gold has broken above the 50-day simple moving average (SMA) barrier, but bulls will need to wait for gold to break above the $2040-$2042 resistance area to prepare for further gains ahead of Wednesday's Federal Open Market Committee (FOMC) decision.Note
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Gold has continued to break through the resistance area of 2040-2042 US dollars per ounce, reaching around 2048, preparing for further rises. Given that the oscillators on the daily chart are just starting to move into positive territory, once the aforementioned resistance area is broken, gold prices may climb to $2,077/ounce and then target the round-figure mark of $2,100/ounce.Note
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