GOLD - Continue to correct around 1900 round resistance?
The Federal Reserve has decided to keep interest rates the same as predicted. However, during the FOMC meeting, Mr. Powell stated that he believes there will be two more rate hikes in order to reach the 2% inflation target. It's important to note that keeping interest rates unchanged does not signify the end of the rate hike process.
Looking at the short-term outlook, it is leaning towards moderate to bearish. The 4-hour chart reveals that XAU/USD is currently trading below the 34 and 89 EMAs. Additionally, the Momentum indicator is slightly below its midpoint, while the Relative Strength Index (RSI) shows no clear direction, hovering around the 50 line. This indicates a lack of speculative interest in the market.
Gold faces strong resistance at $1966.20, which is the 23.6% retracement level of the recent daily decline.
Yesterday, we opted for a selling strategy within the price range of $1955 to the target of $1930.
Today, I am implementing a short-term buying strategy as previously mentioned. The target for this strategy is between $1945 and $1955.
It's important to note that the selling strategy will continue to be established within these price zones.
Looking at the short-term outlook, it is leaning towards moderate to bearish. The 4-hour chart reveals that XAU/USD is currently trading below the 34 and 89 EMAs. Additionally, the Momentum indicator is slightly below its midpoint, while the Relative Strength Index (RSI) shows no clear direction, hovering around the 50 line. This indicates a lack of speculative interest in the market.
Gold faces strong resistance at $1966.20, which is the 23.6% retracement level of the recent daily decline.
Yesterday, we opted for a selling strategy within the price range of $1955 to the target of $1930.
Today, I am implementing a short-term buying strategy as previously mentioned. The target for this strategy is between $1945 and $1955.
It's important to note that the selling strategy will continue to be established within these price zones.
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