Don’t waste your time – keep track of how NFP affects the US dollar!

Data Collection Notice

We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.

facebook logo with graphic

Join Us on Facebook

Stay on top of company updates, trading news, and so much more!

Thanks, I already follow your page!
forex book graphic

Beginner Forex Book

Your ultimate guide through the world of trading.

Get Forex Book

Check Your Inbox!

In our email, you will find the Forex 101 book. Just tap the button to get it!

FBS Mobile Personal Area

market's logo FREE - On the App Store

Get

Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

76.5% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

Gold: FOMC Meeting Will Clarify the Future

Gold: FOMC Meeting Will Clarify the Future

Information is not investment advice

What will happen?

FOMC statement will be announced at 21:00 MT (GMT+3) on Wednesday, July 27. In the previous article, we have already mentioned the importance of this event. Analysts and traders will closely follow this meeting since the Federal Reserve statement about interest rates might make a huge effect on markets. 

The must-watch comment is the one on tapering. This is what will determine whether gold rallies or sells off after the Fed meeting. And with growing concerns that the US economy will slow in the second half of the year, tapering might no longer be as urgent as it seemed just a few weeks ago.

If the Federal Reserve gives any kind of signals about stimulus tapering, it will put a negative effect on gold. On the contrary, if there are no sings of tapering, gold will get a boost.

Technical analyses

Daily chart

XAUUSDDaily.png

4H chart

XAUUSDH4.png

The price is consolidating under the 200-period moving average. RSI oscillator got close to the buying zone. MACD shows that the bearish trend got weaker since June.

Dovish FOMC statement could help gold to break the 200-period moving average, which is highly important resistance. After the break, the price will have lots of space above. Targets will be $1830 and $1877, which are 38.2 and 50.0 Fibonacci levels respectively.

On the flip side, if FOMC gives signals about stimulus tapering, the price will drop and test 23.6 and 0.0 Fibonacci levels, which are $1772 and $1680 respectively. 

LOG IN

Similar

Popular

It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

Choose your payment system

Feel the Team Spirit

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later