From TradingView · · 1m 10s
Gold Bullish Retest Ahead of Fed
Gold prices test key resistance ahead of Fed rate decision.
In brief
Gold prices test key resistance ahead of Fed rate decision. Gold holds 4,341, 4,353 as Fed rate hike lifts dollar and short-term yields. Originally reported by TradingView.
Gold Bullish Retest Ahead of Fed
Gold is recovering ahead of today's Fed decision as the U.S. dollar softens, Treasury yields retreat and oil prices ease.
Market Pricing for Fed Hike
Markets currently price roughly a 92%, 93% probability of a 25 bp hike, which would lift the target range to 3.75%, 4.00%.
Technical Analysis on H1
XAUUSD is trading near 4,348 after a strong rebound from the 4,268, 4,280 demand area.
Key Short-Term Levels
Price is now testing the descending resistance trendline and the 4,341, 4,353 Fibonacci 0.786, 0.618 zone.
Bullish Setup Conditions
Buyers must defend the zone with bullish confirmation: liquidity sweep, bullish engulfing candle, strong H1 reclaim, or confirmed break above the trendline.
Fed Decision Impact
Fed raised rates 25 bp to 3.75%, 4.00% and signaled at least one more hike this year, lifting the dollar and short-term yields.
The main idea
Gold holds 4,341, 4,353 as Fed rate hike lifts dollar and short-term yields.
