Gold Price Analysis: XAU/USD rebounds from two-week lows to $1775 ahead of the FOMC
Metals recovered strength during the American session and ahead of the FOMC decision. Gold prices bounced sharply from weekly lows back above $1770. The yellow metal awaits Powell with a positive intraday tone.
Gold erases losses as USD tumbles
XAU/USD bottomed earlier on Wednesday at $1762, the lowest level since April 15. It then rebounded and recently climbed to $1775, erasing daily losses. The move higher took place amid a retreat of the US dollar.
Are technicals pointing to new Gold rally?
Although we tend to focus more on the fundamentals here at Money Metals, the technical indicators can offer important insights. Such as right now.
Many traders, investors, and momentum players will closely examine the market trend to determine if and when to enter or exit the market.
A market with a strong technical foundation can launch to dizzying heights, while a market displaying weak technicals will have a tough time putting together any sustainable upside.
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Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
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