Gold Technical Analysis: Volatility Ahead of Fed Rate Decision
Gold Technical Analysis
The market will remain volatile this week due to the impact of Fed Rate Decision and GDP data. Gold's direction will hinge on these events, particularly the Fed's stance on interest rates.
Bearish Scenario: Continuation
Conditions:
- Price needs to stabilize below 2653 (Pivot Point).
- A further breakdown and 1H or 4H candle close below 2638 will open the door to 2623.
- Bearish momentum could strengthen further if the Fed rate remains at 4.75% or signals a hawkish stance.
Bullish Scenario: Continuation
Conditions:
- A rate cut of 25 bps by the Fed will support bullish sentiment, driving prices upward.
- Price needs to break and hold above 2653, targeting resistance levels at 2665, 2678, and 2690.
Key Levels
Pivot Point: 2653
Resistance Levels: 2665, 2678, 2690
Support Levels: 2638, 2623, 2612
Trend Outlook
- Bearish: If the price stabilizes below 2653 and key support levels break.
- Volatile: Driven by the Fed's decision and market reaction to GDP data.
Summary
- Bearish Trigger: Close below 2638, targeting 2623 and potentially 2612.
- Bullish Trigger: Fed cuts rates by 25 bps, and price breaks above 2653, aiming for 2665 and higher levels.
previous idea:
The market will remain volatile this week due to the impact of Fed Rate Decision and GDP data. Gold's direction will hinge on these events, particularly the Fed's stance on interest rates.
Bearish Scenario: Continuation
Conditions:
- Price needs to stabilize below 2653 (Pivot Point).
- A further breakdown and 1H or 4H candle close below 2638 will open the door to 2623.
- Bearish momentum could strengthen further if the Fed rate remains at 4.75% or signals a hawkish stance.
Bullish Scenario: Continuation
Conditions:
- A rate cut of 25 bps by the Fed will support bullish sentiment, driving prices upward.
- Price needs to break and hold above 2653, targeting resistance levels at 2665, 2678, and 2690.
Key Levels
Pivot Point: 2653
Resistance Levels: 2665, 2678, 2690
Support Levels: 2638, 2623, 2612
Trend Outlook
- Bearish: If the price stabilizes below 2653 and key support levels break.
- Volatile: Driven by the Fed's decision and market reaction to GDP data.
Summary
- Bearish Trigger: Close below 2638, targeting 2623 and potentially 2612.
- Bullish Trigger: Fed cuts rates by 25 bps, and price breaks above 2653, aiming for 2665 and higher levels.
previous idea:
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