CFDs on Gold (US$ / OZ) forum
Gold has dropped to 3720, moving below the 3725 support zone. Sellers are gaining control in the short term
Key Levels
Resistance: 3735 / 3745
Support: 3710 / 3685
Chair Jerome Powell said the reduction was a “risk-management cut” in response to softening labor market conditions and elevated employment risks.
He stressed that decisions would now be taken on a meeting-by-meeting basis, a signal that aggressive easing was unlikely.
“They think three more cuts will be enough to boost growth and prompt a revival in the jobs market, but the market is sceptical,” ING analysts said.
The US Dollar Index rose 0.3% on Thursday, recovering from a 3-1/2 year low hit in the last session, making bullion more expensive for holders of other currencies. Idea: 5th Wave bullish continuation buying activity at 3700 some pips up down
Idea: 5th Wave bullish continuation
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