12/06 - Gold on the first day of the week
Gold market sentiment is positive before the US Federal Reserve's monetary policy meeting.
However, experts warn investors not to expect prices to exceed $2,000 due to the Fed's hawkish stance, even if it decides to pause.
The Fed's decision is the biggest short-term risk to gold, and recent hawkish moves by other banks have raised doubts.
Currently, gold is following a sideways trend with a wide range around $1980-$1940.
But, a downward momentum is forming day by day, and the VDV pattern is becoming more evident.
If gold breaks out of $1935, it could move down to $1900, and fomo force could lead it to $1835 in the near term.
Support: 1944,4 1935,3 1912
Resistance: 1965,2 1972 1985,25
However, experts warn investors not to expect prices to exceed $2,000 due to the Fed's hawkish stance, even if it decides to pause.
The Fed's decision is the biggest short-term risk to gold, and recent hawkish moves by other banks have raised doubts.
Currently, gold is following a sideways trend with a wide range around $1980-$1940.
But, a downward momentum is forming day by day, and the VDV pattern is becoming more evident.
If gold breaks out of $1935, it could move down to $1900, and fomo force could lead it to $1835 in the near term.
Support: 1944,4 1935,3 1912
Resistance: 1965,2 1972 1985,25
Comment:
This week, two of the biggest central banks are scheduled to hold their meetings and the markets are eagerly waiting for them.
Comment:
Today, there are no significant updates on the economic front. Therefore, the market's direction will be influenced by the release of political and economic news.
