🥇GOLD - Price tends to move higher, but there's news ahead...
Gold broke the strong resistance area of 1928.5 earlier, now the price is aiming for the next resistance ahead of the release of important news.
TA on the high timeframe:
1) FOMC is not going to raise rates this time. I think the data release could have a big impact on metal pricing
2) In the long term, there is a chance that the price will start its decline, as the gold market is still under pressure from the negative fundamental background.
TA on the low timeframe:
1) Price in the 1938 - 1928 range. The upper boundary has not been tested yet. Above 1938 a liquidity area has formed, which the market is interested in
2) Most likely the price can test both 1938 and 1948, but the FOMC and Federal Reserve data will determine further targets for both the dollar and gold.
3) It is difficult to decide the future direction in advance, so I recommend not trading before the news is released
Key support📉: 1928
Key resistance📈: 1938
TA on the high timeframe:
1) FOMC is not going to raise rates this time. I think the data release could have a big impact on metal pricing
2) In the long term, there is a chance that the price will start its decline, as the gold market is still under pressure from the negative fundamental background.
TA on the low timeframe:
1) Price in the 1938 - 1928 range. The upper boundary has not been tested yet. Above 1938 a liquidity area has formed, which the market is interested in
2) Most likely the price can test both 1938 and 1948, but the FOMC and Federal Reserve data will determine further targets for both the dollar and gold.
3) It is difficult to decide the future direction in advance, so I recommend not trading before the news is released
Key support📉: 1928
Key resistance📈: 1938
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