Gold price (XAU/USD) ticks lower during the Asian session on Wednesday and retreats further from a two-week high, around the 2048-2049 region touched the previous day. The overnight failure to find acceptance above the 2040-2042 supply zone and some follow-through selling below the 50-day Simple Moving Average (SMA), currently around the 2030-2029 region, will expose the 2012-2010 support zone. This is followed by the 2000 psychological mark, which if broken decisively will be seen as a fresh trigger for bearish traders and pave the way for deeper losses. The Gold price might then accelerate the decline towards the 100-day SMA, currently near the 1979-1978 area, before eventually dropping to the very important 200-day SMA, near the 1964 region.
On the flip side, bulls need to wait for acceptance above the 2040-2042 static resistance and a subsequent move beyond the overnight swing high, around the 2048-2049 region, before placing fresh bets. Given that oscillators on the daily chart have just started moving into the positive territory, the Gold price could then accelerate the positive move towards the next relevant hurdle near the 2077 zone. The momentum could extend further and allow bullish traders to aim back towards reclaiming the 2100 round-figure mark.
Today there will be lot of quick movement after Fed Rates and after this FOMC Press Conference will set the future direction. If it will be dovish then gold will be up and if FOMC Press Conference will be hawkish then gold will be way down till our main target. As per previous Fed rates and conference it was very dovish but this time it looks hawkish then previous. You need to wait and see the rates and conference and then go for any trade. No need to jump in bcz there will be quick movement.
Most Watchable areas:
2055-2046 for upward movement
2016-2002 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
On the flip side, bulls need to wait for acceptance above the 2040-2042 static resistance and a subsequent move beyond the overnight swing high, around the 2048-2049 region, before placing fresh bets. Given that oscillators on the daily chart have just started moving into the positive territory, the Gold price could then accelerate the positive move towards the next relevant hurdle near the 2077 zone. The momentum could extend further and allow bullish traders to aim back towards reclaiming the 2100 round-figure mark.
Today there will be lot of quick movement after Fed Rates and after this FOMC Press Conference will set the future direction. If it will be dovish then gold will be up and if FOMC Press Conference will be hawkish then gold will be way down till our main target. As per previous Fed rates and conference it was very dovish but this time it looks hawkish then previous. You need to wait and see the rates and conference and then go for any trade. No need to jump in bcz there will be quick movement.
Most Watchable areas:
2055-2046 for upward movement
2016-2002 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!