Gold exploded after FOMC meeting!

Read the article on FBS website

As we discussed in the previous article devoted to gold, the price is growing extremely fast after a dovish FOMC’s statement.

4H Chart

XAUUSDH4.png

Let discuss perspectives of yellow metal in a short-term period!

Daily chart

XAUUSDDaily.png

 On the 4H chart, the symmetrical triangle has occurred. According to the RSI, oscillator bulls have enough power to push the price higher. Right now we need to wait for a breakout since gold is trading under our first target from the previous article, which is strong resistance. As soon as the price breaks and sticks above the $1830, which is the cross point of 38.2 Fibonacci level and 50-day moving average, it will fly to $1870 shortly.  

On the flip side, it might slide down to the 50-period average at $1810.

TRADE NOW

FBS Analyst Team

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.