Gold
Salon - Apr 11th, 2025
Gold might be an investment worth considering now
Gold hits record high amid global economic and geopolitical tensions
Forexlive - Dec 19th, 2024
Gold Technical Analysis – The bulls held the line
FundamentalOverviewGold dropped briefly belowa key support yesterday following the FOMCdecision as the market perceived it as more hawkish than expected. Overall, apart from someslight tweaks, the Fed was in line with the market’s expectations, and themarket’s reaction might have been an overreaction. There’s lots of algo-drivennoise during such big events. The data is what reallymatters now as it will decide what the Fed is going to do. It will likely takejust one soft CPI in January to see the market reacting in a dovish was withreal yields falling and gold rallying.GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold fell briefly below the 2600 supportyesterday following the FOMC decision but eventually managed to erase some ofthose losses and rise above the key level. The buyers will likely pile inaround these levels to target the 2721 resistance, while the sellers will lookfor another break below the 2600 support to increase the bearish bets into thenext major trendlinearound the 2400 level. Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, we cansee that we are still trading inside the range between the 2600 support and the2721 resistance with the 2660 zone as the mid-level. There’s not much else wecan add here as the buyers will target the 2660 zone first, while the sellerswill look for a break below the 2600 support to gain more conviction forfurther downside.Gold Technical Analysis– 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor downward trendline now defining the current bearishmomentum. The sellers will likely lean on it to position for the break belowthe support, while the buyers will look for a break higher to increase thebullish bets into the 2660 zone. The red lines define the average daily range for today. UpcomingCatalystsToday, we get the latest US Jobless Claims figures, while tomorrow weconclude the week with the US PCE data.See the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.
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