Gold Takes a Break Ahead of the Fed
Gold prices (XAU/USD) have calmed after rallying to a record near $3,703 on Tuesday. On Wednesday evening, gold briefly fell to an intraday low of around $3,660 before stabilizing around $3,682. Profit-taking and a relatively stable US dollar held back the rally, while persistently low US Treasury yields remained a key factor.
Market focus is on the Fed's decision at 18:00 GMT (01:00 WIB), with expectations for a 25-bps rate cut to 4.00% or 4.25%. The next direction will be determined by the dot plot and Jerome Powell's tone (18:30 GMT): a dovish signal could push gold back to test the area above $3,700, while a more cautious message could trigger a further correction, with $3,660 (today's low) a key level to watch. Geopolitical tensions remain, keeping the medium-term bullish bias intact. (ayu)
The gold price at the time of writing was $3,685/Toz.
- Buy if the price moves within the $3,690 range
- Sell if the price moves within the $3,680 range
Resistance 2: $3,695
Resistance 1: $3,690
Support 1: $3,680
Support 2: $3,675
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
