FOMC minutes Gold trading outlook

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.

FOMC minutes Gold trading outlook

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