Previous week was the one devoted to the FOMC meeting and Fed's rate decision, in which sense, eyes of the markets were set on the Fed's narrative in order to adjust their positions in case that there were news which were still not priced in the prices of assets. Potential one rate cut during the course of this year, was the “adjusting factor”. In line with the strengthening of USD, the price of gold was trying to adjust, trading in a mixed manner during the week, however, ending the week with a gain.
The price of gold was moving within a range of $2.288 up to $2.333 where it is ending the week. The RSI is still moving below the 50 line, ending the week at 48. Clear oversold side has not been reached, in which sense, the price of gold has some additional time until this level is reached. Moving average of 50 days is slowing down its divergence from MA200, however, there is still a large distance between two lines, in which sense, the potential cross is still far away.
Markets will spend the week ahead digesting received information from the last FOMC meeting. Some further volatility might be expected, but not as strong as it was in a previous period. The price of gold might again test $2.350 on the upside, while downward pressures might continue in a week ahead.
The price of gold was moving within a range of $2.288 up to $2.333 where it is ending the week. The RSI is still moving below the 50 line, ending the week at 48. Clear oversold side has not been reached, in which sense, the price of gold has some additional time until this level is reached. Moving average of 50 days is slowing down its divergence from MA200, however, there is still a large distance between two lines, in which sense, the potential cross is still far away.
Markets will spend the week ahead digesting received information from the last FOMC meeting. Some further volatility might be expected, but not as strong as it was in a previous period. The price of gold might again test $2.350 on the upside, while downward pressures might continue in a week ahead.
