Tomorrow, the US Federal Reserve will release the FOMC statement. ADS Securities’s analysts present their Gold price outlook ahead Fed Policy Meeting.
25 July, ADS Securities – The precious metal retreated in the previous session and closed at $1254.30, after making a low at $1252.00, amid a rebound in the US Dollar.
Gold price outlook ahead Fed Policy Meeting
As visible on the 1H chart, Gold is trading in an upward trending channel, reflecting at the bullish momentum in the near term. In addition, the MACD indicator is trading in the positive territory, further elaborating the above view. Key technical resistance is located at the $1258 level, followed by the $1262 and $1266 levels.
A break and stability above the latter might lead to positivity in the yellow metal. On the flipside, key intraday support is positioned at the $1252 level where EMA 55 is located, followed by the $1248 and $1245 levels. A move back below the latter might generate increased selling pressure on the commodity.
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