Big move in Gold on the heels of yesterday's FOMC meeting, price propelled right back into a big zone of resistance.
Same zone held the highs a couple of weeks ago, and this is around the 50% marker of the June sell-off.
Persistent dovishness out of the Fed, whether at meetings or interviews, has helped to bring the bid back to Gold. And the Fed doesn't look as though they're going to get less dovish anytime soon.
A breach above the 1833 Fibo level can open the door to a move up to the next resistance zone, 1853-1859. Along the way, there's a short-term swing around 1843.90 that could come into play as a more nearby area of short-term resistance.
Hi James. Hope you are well, no covid. You mentioned a big move for the XAUUSD but I see a potential rejection zone at 1832.76 in confluence with Fibo(50). The NY close is telling me the bears are fighting hard to back in control and I see a possible DT pattern formed. I believe the bears may try to push the price back to the lower TL or in a short term back to the 1790.71 level. And the NFP this week can help the bears if it brings a good result.
Thanks, mate for your comments. As usual, your thoughts are always a good way to understand the market.
Thanks, mate for your comments. As usual, your thoughts are always a good way to understand the market.
Have a great weekend and keep safe my friend.
Marcio