RLinda ! GOLD-> MA-50 and MA-100 support the price. Long?

2 nov 2022

The FED policy statement will be released at 18:00 GMT
Gold gained ground on Wednesday on the back of a weaker dollar. Key trading instruments are in a narrow range in the waiting phase, as investors do not want to make big bets before the U.S. Federal Reserve's rate decision.

Traders will be watching the Fed's comments on future policy amid growing optimism that the U.S. central bank will slow rate hikes from December.
Data released Tuesday showed an unexpected increase in U.S. job openings in September, signaling a resilient labor market.

If we do get any story of the dollar weakening after the Federal Reserve press release by 50 basis points, gold would have no trouble getting back to $1700 even in the coming sessions, but in the meantime, in the absence of positive dynamics, the price could head towards the $1600-1500 range.


Gold on the hourly chart shows a good bullish movement.
An upward price channel has been formed, hinting at a positive trend amid rumors of positive news this evening. Gold is supported by the MA50 (hourly) and MA-200 (hourly), which is a good signal.

The price retests the resistance of 1657 and if things go well and the gold breaks this level, it might go up to 1670.

However, before the news I recommend you to monitor the situation and not to make unreasonable decisions.

Regards R. Linda!