Gold wiped out most of the gains on Thursday after its brief moment of strength on Wednesday during the FOMC meeting.
Fed, anticipated three rate cuts for 2024 and this helped gold rise near to 2121 by reaching a new all-time high.
All was created suddenly 4 hours after the FOMC meeting.
It seems that the market experienced another speculation.
The market was caught by surprise on Wednesday when the release of the Fed monetary policy decision revealed that the Federal Open Market Committee (FOMC) is still committed to cut interest rates three times this year. The bullish movement on gold was also supported by the wedge pattern considering that the price was accumulating the pattern all this week.
We may see gold moving down further again during the coming days.
The first support zone will be found near 2163 and 2145
A move below 2145 should put the price down more.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Previous Analysis:
Fed, anticipated three rate cuts for 2024 and this helped gold rise near to 2121 by reaching a new all-time high.
All was created suddenly 4 hours after the FOMC meeting.
It seems that the market experienced another speculation.
The market was caught by surprise on Wednesday when the release of the Fed monetary policy decision revealed that the Federal Open Market Committee (FOMC) is still committed to cut interest rates three times this year. The bullish movement on gold was also supported by the wedge pattern considering that the price was accumulating the pattern all this week.
We may see gold moving down further again during the coming days.
The first support zone will be found near 2163 and 2145
A move below 2145 should put the price down more.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Previous Analysis:
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Yesterday GOLD found strong support near the 2163 area which stopped the biggest price drop for now.
The market is holding strongly above the old support area of 2144.
As long as gold is above this zone, it can continue to go up and down.
Today we can see gold rise again as shown on the chart. may try 2200 again so be careful