Post-FOMC statement Gold price outlook

Yesterday, Fed authorities released their FOMC statement. This Post-FOMC statement Gold price outlook from ADS Securities will tell you how the precious metal will be trading today.

 27 July, ADS Securities – The precious metal traded lower for the third straight session yesterday, despite a decline in the US Dollar. Meanwhile, the US Fed hinted that it would implement changes to its balance sheet as early as September.

Post-FOMC statement Gold price outlook

At present, the yellow metal is trading with an upside bias on the 1H chart, indicating at the bullish momentum in the coming session. Moreover, the MACD indicator is trading flat above its centreline, further validating the above view.

The key technical barrier is seen at the $1266 level, followed by the $1269 and $1271 levels. A surge above the latter might change the main trend to bullish. On the other hand, key technical support is positioned at the $1260 level, followed by the $1257 and $1253 where EMA 55 is placed. A breach below the latter might trigger further selling pressure on Gold.

Post-FOMC statement Gold price outlook

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