Gold price is under pressure by some 0.3% on the day and remains in the hands o the bears following the first Federal Open Market Committee Minutes of 2023.
The minutes were released whereby investors have been searching for further insights into the near-term path for policy and any comments regarding the possibility of the Federal Reserve going back to 50 bps hikes. The minutes showed that a few participants had favoured raising rates by 50 basis points which has put a bid in the US Dollar but left the US Treasury Yield relatively stable. This has left the Gold price somewhat pressured around the low of the day near $1,825.54 after the yellow metal fell from a high of 41,846.05 earlier in the day.
Support level: 1,811,30 1,797.45
Resistance levels: 1,838.90 1,854,00 1,870.50
Transaction recommendation:
Buy at the price area 1823 1824
Stop Loss: 1820
Take Profit 1: 1830
Take Profit 2: 1835
Take Profit 3: 1840
Sell at 1861 1859
Stop Loss 1863
Take Profit 1: 1854
Take Profit 2: 1847
Take Profit 3: 1840
Note: Always install TP and SL in all transactions
The minutes were released whereby investors have been searching for further insights into the near-term path for policy and any comments regarding the possibility of the Federal Reserve going back to 50 bps hikes. The minutes showed that a few participants had favoured raising rates by 50 basis points which has put a bid in the US Dollar but left the US Treasury Yield relatively stable. This has left the Gold price somewhat pressured around the low of the day near $1,825.54 after the yellow metal fell from a high of 41,846.05 earlier in the day.
Support level: 1,811,30 1,797.45
Resistance levels: 1,838.90 1,854,00 1,870.50
Transaction recommendation:
Buy at the price area 1823 1824
Stop Loss: 1820
Take Profit 1: 1830
Take Profit 2: 1835
Take Profit 3: 1840
Sell at 1861 1859
Stop Loss 1863
Take Profit 1: 1854
Take Profit 2: 1847
Take Profit 3: 1840
Note: Always install TP and SL in all transactions
