empty
20.03.2024 01:05 PM
Gold: Unclear outcome of Fed meeting puts pressure on prices

Markets halt movement as traders and investors await clarity on the prospects of the Fed easing interest rates. Any vague statements from Fed Chairman Jerome Powell could negatively impact it, supporting dollar's exchange rate, which could also be the basis for continued correction in gold prices.

Earlier, geopolitical tension in the world and the expectation of lower rates drove prices to new highs. However, the postponement of the latter will provoke a continuation of correction in gold, playing out the technical overbought scenario. The other situation can occur only if Powell finally gives in to the markets and announces a plan for interest rate cuts this year.

This image is no longer relevant

Technical picture and trading idea:

The price currently lies in the middle line of the Bollinger Bands, above the SMA 5 and SMA 14. The RSI fell below the 50% level, while the Stochastic indicator turned down again.

Breaking through the support level of 2146.00 will strengthen the downward trend, leading to a fall to 2117.15, which corresponds to a 38% Fibonacci correction.

Pati Gani,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD. June 26th. Will the U.S. GDP Report Change Anything?

On the hourly chart, the GBP/USD pair on Wednesday secured a position above the resistance zone of 1.3611–1.3633 and continued its upward movement toward the next Fibonacci level of 200.0%

Samir Klishi 10:48 2025-06-26 UTC+2

GOLD. Why Is Gold Rising Again?

The yellow metal is once again receiving support driven by two main factors. The first is the continued risk of failure in the negotiations between Tehran and Tel Aviv

Pati Gani 09:21 2025-06-26 UTC+2

USD/CAD continues to weaken even though there is a potential for a re-test at its Dynamic Resistance, Thursday, June 26, 2025.

USD/CAD – Thursday, June 26 2025. USD/CAD is moving in a weakening condition even though there is a potential for strengthening to the extent of a retracement. Key Levels

Arief Makmur 05:11 2025-06-26 UTC+2

EUR/GBP has the potential to test the Resistance level. 1 before returning to its initial bias, Thursday, June 26, 2025.

EUR/GBP – Thursday, June 26 2025. EUR/GBP is currently moving in a weakening condition but there is potential for a strengthening correction. Key Levels 1. Resistance. 2 : 0.85538

Arief Makmur 05:11 2025-06-26 UTC+2

EUR/USD Forecast for June 26, 2025

EUR/USD Yesterday's data on new home sales in the U.S. for May turned out worse than expected — 623,000 units were sold versus a forecast of 694,000, and the April

Laurie Bailey 05:11 2025-06-26 UTC+2

GBP/USD Forecast for June 26, 2025

GBP/USD With the British pound's active rise this morning, the price consolidation above 1.3635 on the daily chart can be considered confirmed. This opens the path to targets at 1.3834

Laurie Bailey 04:57 2025-06-26 UTC+2

EUR/NZD Forecast for June 26, 2025

EUR/NZD On the weekly chart, the signal line of the Marlin oscillator has turned upward from the border of the bearish territory. The last time a similar pattern occurred (a

Laurie Bailey 04:57 2025-06-26 UTC+2

Trading Signals for EUR/USD for June 25-28, 2025: sell below 1.1645 (21 SMA - 7/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1623 within the uptrend channel formed since June 10th and showing a slight recovery after consolidating in this area

Dimitrios Zappas 18:35 2025-06-25 UTC+2

Forecast for EUR/USD on June 25, 2025

On Tuesday, the EUR/USD pair continued its upward movement and nearly reached the 1.1645 level. A rebound from this level would favor the US dollar and lead to a decline

Samir Klishi 12:49 2025-06-25 UTC+2

Forecast for GBP/USD on June 25, 2025

On the hourly chart, the GBP/USD pair continued its upward movement on Tuesday toward the resistance zone of 1.3611–1.3633. This is already the fifth attempt by the bulls to secure

Samir Klishi 12:46 2025-06-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.