Gold Prices Consolidate Ahead of FOMC Decision
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Gold prices remain in a short-term downtrend from the recent peak near $2,730 and are currently consolidating within a narrow range between the $2,640 - $2,646 support zone and the $2,660 - $2,668 resistance zone.
The price continues to trade below the EMA 34 ($2,658) and EMA 89 ($2,668), indicating that bearish pressure remains dominant. However, the strong support near $2,646 is forming a W-bottom pattern, which could facilitate a short-term rebound if the price breaks above the nearby resistance at $2,660.
As traders await the FOMC decision, rising U.S. bond yields and a positive risk sentiment are putting additional pressure on gold. If the Fed maintains a hawkish stance, gold prices may break the $2,640 support and decline toward $2,620. Conversely, if the Fed signals a dovish outlook, prices could surpass the EMA 89 and rally toward the $2,680 - $2,690 region.
In the short term, traders should monitor price reactions at key levels and prepare for heightened volatility following the FOMC announcement.
The price continues to trade below the EMA 34 ($2,658) and EMA 89 ($2,668), indicating that bearish pressure remains dominant. However, the strong support near $2,646 is forming a W-bottom pattern, which could facilitate a short-term rebound if the price breaks above the nearby resistance at $2,660.
As traders await the FOMC decision, rising U.S. bond yields and a positive risk sentiment are putting additional pressure on gold. If the Fed maintains a hawkish stance, gold prices may break the $2,640 support and decline toward $2,620. Conversely, if the Fed signals a dovish outlook, prices could surpass the EMA 89 and rally toward the $2,680 - $2,690 region.
In the short term, traders should monitor price reactions at key levels and prepare for heightened volatility following the FOMC announcement.
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