XAUUSD : A quiet week for gold before the FOMC meeting
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Gold prices opened the new trading week with a slight decrease, however the decrease was insignificant, currently trading around $2,335.
Many traders choose to stay on the sidelines ahead of important events this week such as the FOMC meeting and the release of US Employment Data. As a result, gold price volatility is likely to be limited at least until Wednesday afternoon, when the Fed's decision is announced.
From a technical perspective, the rising trendline at $2,320 could help the market stabilize and support the price. However, if this key support is broken, sellers could increase the pressure and push gold prices down to $2,205. If the downward trend continues, it may pave the way for gold prices to return to $2,260, corresponding to the 38.2% Fibonacci retracement threshold of this year's price increase.
Conversely, if gold prices recover from current levels, the first resistance will likely be at $2,355 and then at $2,395, a level that corresponds to a downtrend line drawn from the historical peak. This barrier could pose a major challenge for the bulls, but if successful, gold prices could head towards $2,417 and then potentially retest the historical peak at $2,431 again.
Many traders choose to stay on the sidelines ahead of important events this week such as the FOMC meeting and the release of US Employment Data. As a result, gold price volatility is likely to be limited at least until Wednesday afternoon, when the Fed's decision is announced.
From a technical perspective, the rising trendline at $2,320 could help the market stabilize and support the price. However, if this key support is broken, sellers could increase the pressure and push gold prices down to $2,205. If the downward trend continues, it may pave the way for gold prices to return to $2,260, corresponding to the 38.2% Fibonacci retracement threshold of this year's price increase.
Conversely, if gold prices recover from current levels, the first resistance will likely be at $2,355 and then at $2,395, a level that corresponds to a downtrend line drawn from the historical peak. This barrier could pose a major challenge for the bulls, but if successful, gold prices could head towards $2,417 and then potentially retest the historical peak at $2,431 again.
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