Gold's Next Direction: Awaiting the FOMC!
Gold stabilized around $4,880/oz after two days of decline, as the market awaited clues on interest rate direction from Fed officials' comments, the FOMC minutes, and this week's GDP and PCE releases.
Liquidity was thin due to the Chinese New Year holiday in China, while safe-haven demand eased amid news of progress in US-Iran talks and ongoing Russia-Ukraine negotiations.
The gold price at the time of this analysis was $4.897
- Buy if the price moves below $4.904
- Sell if the price moves below $4.889
Resistance 2: $4.931
Resistance 1: $4.916
Support 1: $4.877
Support 2: $4.862
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id