Gold traders are waiting for the FED
In my commentary from yesterday, I mentioned that as long as the price remains above the 2015 support zone, bulls hold the upper hand, and
XAUUSD
could rise, potentially breaking above the 2040 resistance level. Indeed, this occurred.
However, strong volatility ensued following the break, and buyers were unable to maintain the price above this level. Gold remains in a state of uncertainty, between support and resistance for now...
Today's press conference from the Fed could shed some light and provide insight into future medium-term movements.
From a strictly technical standpoint, as I explained yesterday, the outlook is bullish, with a daily close above resistance serving as confirmation.
In such a scenario, I anticipate a continuation towards the 2080 zone.
XAUUSD
could rise, potentially breaking above the 2040 resistance level. Indeed, this occurred. However, strong volatility ensued following the break, and buyers were unable to maintain the price above this level. Gold remains in a state of uncertainty, between support and resistance for now...
Today's press conference from the Fed could shed some light and provide insight into future medium-term movements.
From a strictly technical standpoint, as I explained yesterday, the outlook is bullish, with a daily close above resistance serving as confirmation.
In such a scenario, I anticipate a continuation towards the 2080 zone.
Comment:
The break looks genuine.
Next resistance is above 2060, around 2063
Next resistance is above 2060, around 2063
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This time I think the break will be genuine.