Richard Perry
Independent Analyst
Gold
A renewed gold run higher has just been put on ice for now as markets begin to consolidate ahead of the FOMC meeting. Initial gains were tempered yesterday and a “doji” candlestick (denotes uncertainty) was completed. We have seen a more constructive outlook for gold in the past week, but the shackles are still on the run higher. A dovish FOMC shift would allow gold to release higher. Technically, the indicators are primed for upside, with MACD lines ready to cross higher, whilst Stochastics and RSI are tentatively positioned for a bull run. Initial resistance is now $1972. The hourly chart shows a run of higher lows forming in recent sessions, where we see any supported weakness into $1940/$1955 band being a chance to buy for pressure towards $1992/$2015. Below $1937 we see the immediate bullish outlook is put on hold, A close below $1926 would be a worrying signal for the bulls.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD turns south as Georgia exit poll shows a slim Trump's advantage
EUR/USD retreated sharply and trades below the 1.0900 mark as the focus stands on the US Presidential election. Georgia, one of the seven swing states, has closed polling, and exit polls show a slim Trump advantage.
USD/JPY resumes advance and reconquers 152.00
As initial results show former President Donald Trump may return to office, USD/JPY turned north and trades in the 152.00 region. The US Dollar recovers broadly, while stock markets are also on the run. More polls coming that may change the picture.
Gold under mild pressure as exit polls boost the US Dollar
Gold prices ease early in the Asian session as uncertainty about who will become the 47th United States President is about to end. Georgia exit polls give Donald Trump a slight advantage over rival Kamala Harris.
DOGE could hit a new yearly high after 50% rally in twenty days
Dogecoin is up 8% on Tuesday following rising expectations of a Donald Trump victory in the ongoing U.S. presidential elections. If the bullish momentum continues, the meme coin leader could rise to a new yearly high.
DOGE could hit a new yearly high after 50% rally in twenty days
Dogecoin is up 8% on Tuesday following rising expectations of a Donald Trump victory in the ongoing U.S. presidential elections. If the bullish momentum continues, the meme coin leader could rise to a new yearly high.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.