XauUSD - Stable after a series of exciting days
Dear friends! As expected by the market, the Federal Reserve (Fed) has decided to maintain interest rates at a range of 5.25% to 5.5% as an optimistic signal for the economy. The Fed raised interest rates significantly for most of last year, bringing them to around 5.25% to 5.5% with the expectation of achieving a target inflation rate of 2%.
Regarding forecasts: Overall, the Fed maintains a tightening trend, but that stance is not enough to make the gold market concerned as prices remain below $2,000 per ounce. Therefore, our upcoming focus should be on concerns related to the Israel-Hamas conflict, which may have a greater impact on gold than the Fed's monetary policies.
Regarding technical analysis: At the time of writing, the price is trading at $1,987, breaking out of the upward channel and indicating a downward trend. With the current support level forming at $1,977, this precious metal may once again reach $2,005 before cooling down with an expected decrease towards the support levels at $1,980 or $1,965. What are your thoughts? Do you agree with me?
Regarding forecasts: Overall, the Fed maintains a tightening trend, but that stance is not enough to make the gold market concerned as prices remain below $2,000 per ounce. Therefore, our upcoming focus should be on concerns related to the Israel-Hamas conflict, which may have a greater impact on gold than the Fed's monetary policies.
Regarding technical analysis: At the time of writing, the price is trading at $1,987, breaking out of the upward channel and indicating a downward trend. With the current support level forming at $1,977, this precious metal may once again reach $2,005 before cooling down with an expected decrease towards the support levels at $1,980 or $1,965. What are your thoughts? Do you agree with me?
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