After a significant growth on Thursday amid the US Fed Interest Rate Decision, the price of gold slightly fell. The instrument was pressured by expectations of strong data on the US GDP for the second quarter of the year. According to forecasts, the index will grow from 1.1% to 2.6%. However, the Dollar remains under pressure due to uncertainty regarding plans of the American regulator on tightening during this year. The probability of a rate hike at September’s meeting currently stands at only 14%.
Support and resistance
On the 4-hour chart, is directed down while the price range is narrowing, suggesting the likelihood of a trend change. is turning down. turned up near the border of the oversold zone.
The indicators recommend short positions.
Support levels: 1330.01, 1327.52, 1325.53, 1323.21, 1321.05, 1318.72, 1315.74.
Resistance levels: 1336.32, 1340.46, 1342.29, 1345.28, 1346.77.
Short positions can be opened from current prices with the target at 1321.00 and stop-loss at 1340.00. Validity – 1 day.
Long positions can be opened from the level of 1318.70 with the target at 1323.00 and stop-loss at 1313.50. Validity – 1 day.