Weekly Analysis 17 Mar, 2024
Gold underwent a sideways correction last week, and now we have the FOMC meeting approaching. Hedge funds may either book profits this week or buy more gold, depending on the outcome of the FOMC meeting. According to Fibonacci values, the first resistance is at 2190, with the 60% level at 2230. I am expecting a hawkish stance from the Fed during this FOMC meeting. If gold breaks below 2050 during the FOMC announcement, everyone will likely target the psychological support level of 2100.
Gold underwent a sideways correction last week, and now we have the FOMC meeting approaching. Hedge funds may either book profits this week or buy more gold, depending on the outcome of the FOMC meeting. According to Fibonacci values, the first resistance is at 2190, with the 60% level at 2230. I am expecting a hawkish stance from the Fed during this FOMC meeting. If gold breaks below 2050 during the FOMC announcement, everyone will likely target the psychological support level of 2100.