XAUUSD
Markets are After FOMC's decision on interest rates and the speech of Jerome Powell, the US dollar has been under pressure, while Gold and Bitcoin are moving in uptrends. Gold particularly benefits from the banking turmoil, hitting $2000.
The US dollar was pushed down after the FOMC decision: even though Jerome Powell was not specifically dovish in his speech, derivatives for interest rates are pricing in a possible plateau or even a decline of the interest rate for the US this year. That gives Gold another relief and a potential support, as the US dollar may lose attractiveness as a high-yield currency.
The area between $2000 and $2100 is an important resistance area, which might be not so easy for Gold to pass through. Current price action is bullish, though the price is far away from intermediate-term support areas, which makes the achieved level fragile to potential sell-offs. For short-term traders, however, there’s still an opportunity to track possible continuation formations and establish long positions if the price attempts to break it.
Markets are After FOMC's decision on interest rates and the speech of Jerome Powell, the US dollar has been under pressure, while Gold and Bitcoin are moving in uptrends. Gold particularly benefits from the banking turmoil, hitting $2000.
The US dollar was pushed down after the FOMC decision: even though Jerome Powell was not specifically dovish in his speech, derivatives for interest rates are pricing in a possible plateau or even a decline of the interest rate for the US this year. That gives Gold another relief and a potential support, as the US dollar may lose attractiveness as a high-yield currency.
The area between $2000 and $2100 is an important resistance area, which might be not so easy for Gold to pass through. Current price action is bullish, though the price is far away from intermediate-term support areas, which makes the achieved level fragile to potential sell-offs. For short-term traders, however, there’s still an opportunity to track possible continuation formations and establish long positions if the price attempts to break it.