Gold rises strongly after the FED meeting
Following the weak start to the month, the precious metal was able to stabilise and regain the temporarily abandoned downward trend channel. As expected, yesterday's meeting of the US Federal Reserve caused a lot of movement in the market. The central bank's statements had a correspondingly strong impact on the equity, commodity and currency markets. Above USD 1,700 per ounce, the situation for the gold price remained and remains constructive. This is also supported by the most recent bullish reversal on 15 March, so that there should be a further upward reaction to USD 1,780 in the short term. Above that, further upward potential would open up to USD 1,827 and then to USD 1,848.
If, on the other hand, the dollar strengthens in the coming days, a retest of the support at USD 1,677 could occur along with a dip below the round USD 1,700 mark. Below this level, the overriding price weakness is likely to extend further to USD 1,625 or 1,600.
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Notice:
Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a purchase recommendation or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.
If, on the other hand, the dollar strengthens in the coming days, a retest of the support at USD 1,677 could occur along with a dip below the round USD 1,700 mark. Below this level, the overriding price weakness is likely to extend further to USD 1,625 or 1,600.
If you liked the analysis, we would be pleased if you liked or subscribed to it. By doing so, you support our work enormously!
Notice:
Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a purchase recommendation or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.