ADS Securities’ team of analysts presents FOMC minutes Gold trading outlook. Market experts eye consolidation in the near term. What is your projection?
24 May, ADS Securities – Following two successive bullish sessions, the yellow metal retreated in the last session amid a firmer greenback as the services sector in the US surprisingly expanded in May leading to a modest growth in the business activity in the nation.
FOMC minutes Gold trading outlook
Currently, the price is trading inside a narrow range of $1249-$1253, suggesting at consolidation in the near term. However, a potential signal line crossover from below by the MACD, suggests at possible recovery over intraday basis.
The key technical obstacle is positioned at the $1253 level, followed by the $1255 where EMA 55 is trading and $1257 levels. A break above the latter is required to confirm bullishness in the yellow metal. On the losing side, key support resides at the $1249 level where EMA 200 is placed, followed by the $1247 and $1245 levels.
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