Market Cap:
$267B
BTC Dominance:
68.12%
btc:
$10164.34
eth:
$190.25
xrp:
$0.27
Advertise
Forex

Gold price holds steady near $1430 ahead of FOMC policy decision

Squared Direct | Jul. 31, 2019
Gold price holds steady near $1430 ahead of FOMC policy decision

Gold price manages to preserve weekly gains amid reviving safe-haven demand. Bulls seemed to lack strong conviction ahead of the highly anticipated FOMC decision.

July 31, 2019 | SQUARED DIRECT - The price of gold has managed to climb towards a high of 1433.12 per ounce during yesterday’s session as muted US inflation keeps the prospects for a Federal Reserve interest rate cut alive for this week as well as more to come later in the year.

Markets will be looking to see whether the Fed' is on a new easing cycle, on course to cut rates deeper ver the next 18 months and by how much. However, should the Fed's statement point to something of the contrary, the Dollar will likely catch a bid on a hawkish rate cut outcome.

Meanwhile, there is a focus on China and Us trade talks that get underway just as President Trump lashed out at China, taking credit for weakening China’s economy and downplaying the likelihood of a deal before the 2020 election.

Gold price technical analysis

Gold prices took the bid during yesterday’s session and climbed to a high of $1433.12 per ounce adding more than 0.3% to its value before taking a breather around the $1430 level. The price is currently still hovering around the $1430 level with a slowing but bullish momentum. Overbought zones are still far to reach and the upward move still has more room to go. We will be focusing on the upside especially the $1441.79 resistance level.

Support: 1410.78 / 1401.62
Resistance: 1435.81 / 1441.79

Chart (H4)

Gold price

Disclaimer

Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.