Following the FED announcement, gold has started to decline and is approaching the intersection of the classic support level and the Fibonacci 50% retracement level. The 21-period RSI is in oversold territory on the D1 chart and all lower timeframes. Additionally, it has reached its primary target in the double top formation formed before the decline.
In the medium term, we do not anticipate further significant declines in gold. However, we are not expecting new record highs either. Instead, we expect gold to move horizontally in a broad range, possibly between 1840 and 1950 or with some flexibility in these levels for some time.
Buy Limit: 1844.50
Stop Loss: 1835.0
Take Profit: 1873.0
In the medium term, we do not anticipate further significant declines in gold. However, we are not expecting new record highs either. Instead, we expect gold to move horizontally in a broad range, possibly between 1840 and 1950 or with some flexibility in these levels for some time.
Buy Limit: 1844.50
Stop Loss: 1835.0
Take Profit: 1873.0
Trade active:
The trade was opened at a price of $1844.50.
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