Big day on gold
Big day for gold
Gold Climbs Above 2420 as Traders Brace for Key Fed Rate Decision and in light of war news assassinations. We await Anticipation for Fed Guidance on key interest rate decision, expected to maintain the benchmark rate at 5.50%. However, the market focus is on potential hints of a rate cut in September from Fed Chair Jay Powell. Gold is in a resistance zone targeting 2428. Today’s price movement will be highly sensitive due to the upcoming Federal Reserve rate decision.
If gold breaks 2428, it could continue its bullish trend towards 2440 and 2450. A reversal and stabilization below $2,420 could lead to declines to $2,414 $2,400 and further down to $2,397.
Key Levels:
- Pivot Line: $2,423
- Resistance Levels: $2,428, $2,440, $2,450
- Support Levels: $2,414, $2,400, $2,397
Expect and brace for heightened volatility in gold prices as Powell's remarks could significantly influence market movements.
Gold Climbs Above 2420 as Traders Brace for Key Fed Rate Decision and in light of war news assassinations. We await Anticipation for Fed Guidance on key interest rate decision, expected to maintain the benchmark rate at 5.50%. However, the market focus is on potential hints of a rate cut in September from Fed Chair Jay Powell. Gold is in a resistance zone targeting 2428. Today’s price movement will be highly sensitive due to the upcoming Federal Reserve rate decision.
If gold breaks 2428, it could continue its bullish trend towards 2440 and 2450. A reversal and stabilization below $2,420 could lead to declines to $2,414 $2,400 and further down to $2,397.
Key Levels:
- Pivot Line: $2,423
- Resistance Levels: $2,428, $2,440, $2,450
- Support Levels: $2,414, $2,400, $2,397
Expect and brace for heightened volatility in gold prices as Powell's remarks could significantly influence market movements.
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