After reaching a new high of 2195, the gold price stayed sideways between 2155-85(1) last week. This week’s only major event will be the Fed meeting. Following the slight rebound in US core CPI data last week, expect the post-Fed meeting announcement to lean towards a hawkish stance, which could have a bearish impact on the gold price.
1-hr Chart – The gold price is still bounded within the range of 2155-85 (3), and it is currently trading under the S-T resistance line (2) that has been in place for the past few trading days. If the critical support level of 2147-2150(1) is breached, the next downside target can be set around 2120(4).
Daily Chart – Structurally, there hasn’t been any significant change on the daily chart, with the upward channel(5) remaining valid. The gold price is still standing above the previous high of 2147(7). If the buying support from the previous high of 2147(7) is cleared, a major correction toward 2120 should occur and pay attention to the next support at the 20-day MA(6).
|
S-T ressitance 3 |
2168 |
|
S-T ressitance 2 |
2160 |
|
S-T ressitance 1 |
2155 |
|
Market price |
2152 |
|
S-T support 1 |
2147-50 |
|
S-T support 2 |
2140 |
|
S-T support 3 |
2130 |
P. To
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