XAU/USD - Gold To Rise Further with FOMC Decision
Hello Traders!,
With the FOMC deciding to keep its interest rate at 0.25% as well as keeping its printing of money at $4billion per day for the next few months, its given investors a dovish sentiment on the USD, this means that the dollar will be dropping as Gold rises on the other hand. We will be looking at how fundamentals play a part in the market for todays analysis
What Is The Market Telling Us?
With the FOMC deciding to keep its interest rate at 0.25% as well as keeping its printing of money at $4billion per day for the next few months, its given investors a dovish sentiment on the USD, this means that the dollar will be dropping as Gold rises on the other hand. We will be looking at how fundamentals play a part in the market for todays analysis
What Is The Market Telling Us?
- Bullish upside momentum with 14EMA crossing over 200EMA & 50SMA
- Price has broken past 1720 resistance and respected trendline, awaiting pullback towards these levels before more bullish momentum continues
- Recent bullish engulfing candle is a result of FOMC interest rate decision & reaction from bouncing off 200EMA
- Will enter upon a pullback towards the broken trendline or 1720 resistance
- Wait for a bullish closure above these important areas before looking to BUY
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