💡 XAUUSD: The downward trend is slight but not clear

The fluctuation range of gold prices remains considerable, and there hasn't been any substantial price movement since the conclusion of the last trading session. As of now, gold continues to be traded within the range of 1980 to 1990. Upon closer examination of the daily charts, a discernible spinning top pattern has formed, which follows the signals from previous market behavior. This pattern suggests that the sellers may not have a strong grip on the market, and as an investor, it may be prudent to maintain a cautious stance, observing the critical 1970 support area. Should this level be breached, it might present an opportunity for sellers to consider entering new orders.

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As anticipated by the market, the Federal Reserve has decided to maintain interest rates in the range of 5.25% to 5.5%, signaling optimism regarding the state of the economy. The Fed had previously raised interest rates significantly for the majority of the past year, pushing rates up to approximately 5.25% to 5.5% with the aim of bringing inflation back to its target of 2%.

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The rise of gold is limited as the USD continues to rise when many economies around the world are facing difficulties and central banks of these countries tend to loosen monetary policy.

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Waiting - Unemployment Claims

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