A peace after Storm or before?
By: Ahura Chalki
After two crazy weeks, Gold price moving sideways for past 3 trading days and now we can see FED rate cut decision will move the market either up or down, while a rate cut will push USD down and Gold to raise, holding the same rate will help USD to recover the loss of the past three weeks and gold vice-versa. Market analysts believe that it is still early to expect a rate cut from FED in the coming meeting and even if they are going to make any decision, it will be in the next meeting. US PPI data remained at the same number of 0.1% MoM and helped Gold to keep its slow bearish of yesterday under $1320, however latest news of the day from the US about 3-Year Note Auction was less than expected (1.861% against of 2.248%) and made gold to raise from its S1 to almost R1 at 1334 (1333.80) overnight. Today Core CPI will make changes in the market.
From the technical side, at the H1 chart, while MA returned to the bullish sign, MACD also slightly confirms that (need more action to be confirmed correctly), Stochastic started bearish sign by crossing the signal line with the main line over 80-Level. Still, 1334 and 1325 are main key levels for bearish and bullish.
Pivot point: 1325.70
Resistance levels: 1331.62 / 1335.74
Support levels: 1321.58 / 1315.66
The expected trading range for today is between 1321.58 support and 1335.74 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment read this PAGE