Gold's Pivot Point: Fed Decision and Market Sentiment
After the Fed maintained rates, gold's response was to stabilize near the $2037.50 Fibonacci level, showing resilience. This pause in rate hikes, coupled with no immediate follow-through on the bearish break, presents a technical conundrum.
Technical Analysis:
Gold's failure to sustain below the $2037.50 level could indicate underlying bullish sentiment. If gold sustains above this pivot, it may re-attempt the $2140 resistance. Conversely, a close below could see further decline towards $1980, the next Fibonacci retracement.
Market Watch:
Traders eye the $2040 and $2037.50 levels for directional bias post-Fed, with the lower Bollinger Band suggesting potential oversold conditions ripe for a rebound.
Positioning:
A cautious approach is warranted; if bullish signals confirm, long positions near the $2037.50 support are favorable, aligning with a bullish strategy amidst a hesitant dollar.
Technical Analysis:
Gold's failure to sustain below the $2037.50 level could indicate underlying bullish sentiment. If gold sustains above this pivot, it may re-attempt the $2140 resistance. Conversely, a close below could see further decline towards $1980, the next Fibonacci retracement.
Market Watch:
Traders eye the $2040 and $2037.50 levels for directional bias post-Fed, with the lower Bollinger Band suggesting potential oversold conditions ripe for a rebound.
Positioning:
A cautious approach is warranted; if bullish signals confirm, long positions near the $2037.50 support are favorable, aligning with a bullish strategy amidst a hesitant dollar.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.