Gold prices continue in a short-term upward trend
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Hello dear traders. Gold prices (XAU/USD) are currently consolidating above the $1,900 level during Tuesday's Asian trading session. Traders are choosing to be cautious ahead of the upcoming monetary policy meeting of major central banks. This week, the Federal Reserve (Fed), will announce their interest rate decisions, potentially leading to market volatility.
Looking at the technical picture of XAU/USD on the H1 timeframe we can see that:
Gold prices increased short-term this week but were affected by information about the FED's upcoming interest rate increase. But recent results show that the world's No. 1 economy is gradually recovering quickly in the second half of 2023. Therefore, it may be the reason why Gold will decline in the near future, with the possibility of gold returning below 1900. .
Looking at the technical picture of XAU/USD on the H1 timeframe we can see that:
Gold prices increased short-term this week but were affected by information about the FED's upcoming interest rate increase. But recent results show that the world's No. 1 economy is gradually recovering quickly in the second half of 2023. Therefore, it may be the reason why Gold will decline in the near future, with the possibility of gold returning below 1900. .
Nota
The price is moving towards the 1940 resistance zone, this is a good entry point to receive a SELL signalNota
good luck
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