Gold Drops $65 as Bearish Momentum Dominates Post-Fed Decision

Gold Technical Analysis

Gold prices dropped approximately $65 yesterday following the Federal Reserve's rate decision. The market continues to exhibit bearish momentum as long as it trades below 2623 and 2612, targeting 2585. A break below 2585, confirmed by a 1-hour or 4-hour candle close, could push the price further down to 2558.

The gold market is expected to remain volatile, with the upcoming GDP report playing a crucial role:

• If GDP comes in below the expected 2.8%, this could support a bullish move.
  
• If GDP exceeds 2.8%, this could reinforce the bearish trend.
  
  Key Levels
  Pivot Point: 2612
  Resistance Levels: 2623, 2638, 2653
  Support Levels: 2585, 2572, 2558
  
  Trend Outlook
  Bearish below 2623 and 2612
  Bullish above 2623