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By: Ahura Chalki
Gold fall, as USD rose!
Event of the week, FED rate decision and policymaking meeting, ended last night with 25bp rate cut and “hawkish” outlook, exactly when the market was waiting for a more dovish statement. Powell also mentioned it was a one-time rate cut for the whole 2019. Besides this news, positive employment change also helped earlier to USD to raise, which all of them helped USD to gain and reach 26 months high at $98.67. The result was bearish for Gold and seems after long side moves, now it is back in a downtrend with breaking all yesterday’s resistance levels.
From the technical side, RSI moves at 30-level with a clear bearish signal, which is remained by MACD as well with forming histograms under 0-level and both signal and mainline with a gap, under histograms, as well.
Pivot point: 1417.94
Resistance levels: 1425.30 / 1441.79
Support levels: 1401.25 / 1394.08
The expected trading range for today is between 1394.08 support and 1425.30 resistance.
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