On Thursday, the XAU/USD pair was falling, being under pressure from the Fed’s decision to increase the interest rate to 0.5 percent from 0.25 percent. Having lost more than 2500 points, the price for gold was moving down towards its year lows, reached at the beginning of December. At present, the price has started correcting up in the area of 1054.35.
Support and resistance
On the , the pair is trading between the lower and the meddle MAs of . MA50, MA100 and MA144 are above the current price and directed down. histogram is in the negative zone. The lines of are crossing each other and directed down.
The indicators confirm a downward trend in the XAU/USD pair.
Today, the price is likely to remain within the channel between the lower and the middle MAs of .
Support levels: 1049.85 (lower MA of ), 1049.98 (December low).
Resistance levels: 1067.73 (middle MA of ), 1084.65, 1099.14, 1120.41, 1133.94, 1165.35, 1191.93.
Long positions can be opened at the current level with the target at 1060.50 and stop-loss at 1051.00. Validity – 1 day.