GOLD/ GOLD price under pressure ahead of the FED meeting
Gold prices were little changed on Wednesday as the markets focused squarely on the U.S. Federal Reserve's monetary policy decision and projections for 2025, due later in the day.
Generally, the direction is uptrend
Uptrend Side: Each upward step is expected to encounter several obstacles on the way to reaching its weekly peak, such as the 2664 level, which was tested on Monday. This level is likely to push the price toward the 2701 mark. A successful break and sustained move above this level could pave the way for further gains, potentially reaching 2732.
Downtrend Side: On the downside, the price may test support again around midday today, potentially revisiting it for the final time as part of a corrective move. However, any break below 2640 with a 4-hour candle close could activate the smaller bears. For a confirmed decline, the larger bears would need to become active below the key 2606 level, paving the way for further downside momentum.
Tendency Keys: 2640
Generally, the direction is uptrend
Uptrend Side: Each upward step is expected to encounter several obstacles on the way to reaching its weekly peak, such as the 2664 level, which was tested on Monday. This level is likely to push the price toward the 2701 mark. A successful break and sustained move above this level could pave the way for further gains, potentially reaching 2732.
Downtrend Side: On the downside, the price may test support again around midday today, potentially revisiting it for the final time as part of a corrective move. However, any break below 2640 with a 4-hour candle close could activate the smaller bears. For a confirmed decline, the larger bears would need to become active below the key 2606 level, paving the way for further downside momentum.
Tendency Keys: 2640
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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