With the Federal Reserve on hold, gold is ushering in a new engi
At 2 pm yesterday, the Federal Reserve announced that it would keep the benchmark interest rate unchanged at 4.25%-4.50%, in line with market expectations, and remained unchanged for the third consecutive meeting. After the announcement of the Fed's interest rate decision, the market continued to believe that the Fed would cut interest rates before July, and still expected three rate cuts this year.
Then Fed Chairman Powell downplayed any impression that the central bank would use interest rate cuts to ease the economic weakness caused by Trump's tariff policy at a press conference in the early morning.
Powell used the word "wait" 22 times to emphasize that the Fed is not in a hurry. He said: "We think the cost of waiting is quite low, so we are doing it."
Powell said: "In this case, we can't take the initiative because we don't actually know what the correct response to the data is until we see more data."
Powell hinted that the Fed will only cut interest rates after seeing evidence of a significant slowdown in the economy, and it may cut interest rates soon.
Returning to the market, first of all, from the gold daily chart, it can be seen that the current trend of gold is basically similar to that of the first half of the month.
There was a sharp retracement last week, and then the bottom daily line closed with a cross star, followed by a sharp rebound.
The current market is basically copying the previous market. If nothing unexpected happens, if it goes up in this trend, 3500 is very likely not the high point, and it is only a matter of time before a new high is reached.
In addition, from the 4-hour chart, yesterday, the bottom 3360 was tested many times, but it failed to break down. Today, the opening was stretched from 3360 to above 3400.
3360 is a intensive trading area suppression position in the early stage. After breaking through 3360 on Tuesday, it has not fallen below this position so far.
So, we can currently regard 3360 as an important support position.
So we can regard 3360 as the 618 support position, so as to infer the high point position.
As you can see in the picture, I have also marked the point, which is about 3450-60.
Finally, let's look at the hourly chart. You can see that from 3360 to the morning high of 3415, the Fibonacci position 50% position and 382 position are about 3390-85.
It is also about the lowest position of the callback.
In terms of future operations, you can basically rely on 3390-85 to enter the market and do more.
The upper target can basically see the 3440-60 range.
