Gold holds steady as investors eye Fed decisionGold prices were little changed on Wednesday as market participants awaited the U.S. interest rate verdict, while the spotlight was also on President Donald Trump's trade policies amid fresh tariff threats.
💡Key Market Influences:
Asian Bank Holiday (Lunar New Year): Liquidity will be significantly lower today, which may lead to a tighter price range in the Asian .
FOMC Data Release Tonight: The market will closely watch the statements from Fed Chairman Powell, as they could have a major impact on USD (DXY) and set the long-term direction for gold.
📊 Key Observations:
1. Support & Resistance Levels:
o Immediate Resistance:
$2,771–2,772 (Marked OB Zone): This is a supply zone or order block (OB) identified on the 1-hour chart, acting as a critical resistance level.
All-Time High Zone: The price is approaching a significant
resistance area near the $2,790 level, the all-time high.
o Support Levels:
$2,737 Level (Marked POI Level): This is an important demand zone
(Point of Interest or POI) where buying pressure previously occurred.
$2,710 Zone: Another significant support level where price saw a reversal,
reinforced by the proximity of the 200 EMA.
2. Order Block on 1-Hour (OB on 1H):
The $2,771–2,772 area is identified as a bearish order block. If the price fails to break
above this level, it could signal a rejection and potential downside movement.
o Demand Zone Near $2,737:
A key bullish order block where price bounced upward after
a CHoCH (Change of Character) confirmed bullish momentum.
3. Trend Analysis:
o Bullish Channel Formation:
Price is trading in an ascending channel, indicating a bullish trend.
Price is currently in the middle of the channel, suggesting more room for upside if
it can break the resistance zone.
o Higher Lows Formation:
Clear signs of higher lows confirm the bullish structure on this timeframe.
4. Exponential Moving Average (EMA): 200 EMA:
Positioned around $2,737, providing dynamic support.
The price bounced off this level, indicating strong bullish sentiment
as long as it stays above the EMA.
5. Change of Character (CHoCH):
o Bullish CHoCH:
The breakout above the previous structure low near $2,737
signals a shift from bearish to bullish momentum.
6. Volume Insights:
o Noticeable spikes in volume near the $2,737 support level,
suggesting increased buyer activity in this area.
Trading Insights:
1. Bullish Scenario:
o A clear breakout above $2,771–2,772 OB could lead to a continuation
toward the $2,790 all-time high.
o Maintain long positions as long as price stays above the 200 EMA
and the $2,737 support zone.
2. Bearish Scenario:
o Rejection at $2,771–2,772 may lead to a retracement toward
the $2,737 support level or the $2,710 zone.
o Watch for a break below $2,737, which could invalidate the bullish trend.
Key Levels to Watch:
• Resistance: $2,771–2,772 and $2,790
• Support: $2,737 and $2,710
• Critical EMA Level: 200 EMA at $2,737
⚠️ Next Steps:
• Monitor price action closely around the $2,771–2,772
OB zone for signs of a breakout or rejection.
• Use the ascending channel boundaries to plan entry and exit points.
• Keep an eye on volume spikes for confirmation of trend strength.
👉 Always follow TP/SL to protect your capital and maximize profits!
Stay tuned for updates once the confirmations are in place!
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📢 Best Regards , Silver Wolf Traders Community
Disclaimer: This is for educational purposes only. Always trade responsibly and
manage your risk effectively
