Federal Funds Rate Sights, Gold Seeks Safety!
Gold consolidated around $4,600 during the Asian session as markets held their positions ahead of the FOMC decision and, in particular, Jerome Powell's tone at the press conference, which will determine the direction of the dollar and yields.
The US-Iran talks standoff supported the USD as a safe haven and restrained gold's gains, while technical pressure remained bearish after gold hit a three-week low. The risk of further downside opens up if the dollar remains strong and the Fed sounds hawkish. (asd)
Gold Price at the Time of This Analysis' Release: $4,607
- Buy if the price moves to $4,613
- Sell if the price moves to $4,601
Resistance 2: $4,626
Resistance 1: $4,619
Support 1: $4,505
Support 2: $4,500
Caution: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id