Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Gold exploded after FOMC meeting!
Information is not investment advice
As we discussed in the previous article devoted to gold, the price is growing extremely fast after a dovish FOMC’s statement.
4H Chart
Let discuss perspectives of yellow metal in a short-term period!
Daily chart
On the 4H chart, the symmetrical triangle has occurred. According to the RSI, oscillator bulls have enough power to push the price higher. Right now we need to wait for a breakout since gold is trading under our first target from the previous article, which is strong resistance. As soon as the price breaks and sticks above the $1830, which is the cross point of 38.2 Fibonacci level and 50-day moving average, it will fly to $1870 shortly.
On the flip side, it might slide down to the 50-period average at $1810.
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The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
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Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
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