From TradingView · · 1m
Gold Breaks 4,300 But Test Looms
Gold rises above 4,300 as FOMC decision looms.
In brief
Gold rises above 4,300 as FOMC decision looms. Gold surged past 4,300 ahead of Fed rate decision but faces critical test at 4,340 resistance. Originally reported by TradingView.
Gold Rebounds
Gold has rebounded above 4,300 after a strong M30 recovery from 4,260, 4,280.
Critical Decision Zone
The price faces a critical decision zone between 4,335 and 4,345 with reaction zone at 4,315, 4,325.
Bullish Scenario
If gold closes above 4,340 and holds the 4,315, 4,325 retest, it could reach 4,360 and then 4,395, 4,405.
Bearish Scenario
But if gold sweeps 4,340 and falls below 4,315, it could drop to 4,285 and then 4,275, 4,285.
FOMC Catalyst
The Fed decision today has markets pricing a 25bp hike with August CPI at 3.4% YoY and Treasury yields around 5%.
Critical Test Ahead
Gold faces a critical test at 4,340 resistance as volatility could expand sharply around the Fed decision.
The one thing
Gold surged past 4,300 ahead of Fed rate decision but faces critical test at 4,340 resistance.
