GOLD
prices turned south after the Federal Reserve kept its interest rate unchanged at 5.50% with the intent of keeping rates higher for longer. Prior to the event, Gold took advantage of the US dollar with the price rising toward $1946 as rate pause sentiments filtered into the market. However, the bears swung into action, forcing the price to close below the descending trendline that has subdued the bullish advancement from April after the Fed maintained its hawkish position on economic projections. The central bank noted that it will keep rates higher for longer and is looking at hiking rates one more time before the end of the year. The Technical Outlook on Gold gives bears the upper hand as a shooting star (Bearish reversal Candlestick) is spotted at the resistance of the descending trendline. With the price looking ready to drop further, the focus has shifted to the unemployment claims data which could heap more pressure on Gold should the report come out better than expected.
