XAUUSD – Testing the Descending Trendline, Awaiting FOMC Signals

12 Haz

Gold has rebounded to the 3,371 zone after U.S. CPI data showed cooling inflation, putting pressure on the USD. The price is now approaching the descending trendline and the 3,400 resistance zone – a level that marked the top on June 5.

If this area fails to break clearly, gold is likely to pull back toward the 3,327 support – the confluence of the EMA89 and a recent low. On the other hand, if the FOMC delivers a dovish signal, price could break out and aim for 3,457.

Trade Setup:
SELL near 3,400 if rejection candles appear
BUY near 3,327 if bullish reversal signals show
BUY breakout above 3,405 if FOMC supports further gains

13 Haz

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