Gold is currently trading at $2577 per ounce after witnessing a slight decline during the past day, affected by the decline in the dollar. Gold regained its momentum today amid anticipation of the Fed rate decision, which led to mixed movements in the markets. The chart shows a weakness in the downside trend, as the price stabilized above the key support level.
Technical Indicators Forecast
Moving Averages: Prices are trading near the moving average crossovers, indicating weak momentum, whether in the upside or downside. The price remaining above the moving averages could give a positive impetus for further upward movement, but careful monitoring of sudden changes is needed.
MACD Indicator: MACD Indicator indicates a significant weakness in the downside momentum, which could mean that the market is in a correction or that there is a possibility of continuing the upward movement with the buying support.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2580 | 2573 |
| Target Point 1 (TP1) | First resistance: 2585 | First support: 2568 |
| Target Point 2 (TP2) | Second resistance: 2590 | Second support: 2563 |
| Stop Loss (SL) | 2573 | 2580 |
Gold is expected to continue moving within a sideways to bullish range as long as it remains above the major moving averages. With the FOMC decision coming, market volatility may increase, but the overall trend for gold seems to be supported by the weaker dollar. The next major resistance levels will be around $2585 per ounce, with strong support at $2570.
