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By: Ahura Chalki
Gold hopes on rate cut!
Gold rose on rate cut hope, during yesterday’s trading hours, while less than expected dovish policy in FOMC meeting is a risky side for more bullish. Today, Personal spending, Pending home sale and CB consumer confidence from the US will be in focus as influential news of the day, as well as data, which will be affected for tomorrow’s rate cut decision and policymaking meeting. For now and before the FOMC meeting, still, side movement is what market expecting.
From the technical side, price moves way above EMA50, while MACD’s histograms just got back to the 0-level with cutting down the signal line of MACD with the mainline as a bearish sign. RSI also touching the 50-level in H1 chart with a slope down move.
Pivot point: 1423.80
Resistance levels: 1432.83 / 1437.15
Support levels: 1419.49 / 1410.45
The expected trading range for today is between 1410.45 support and 1432.83 resistance.
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