The gold price🥇 fell below the neckline area of the head and shoulders pattern yesterday and then rebounded after stepping back to the top and bottom conversion area near the previous top of 2477. The intraday rebound momentum may continue slowly until the evening meeting speech gives the momentum for the next trend.
Trading strategy: During the intraday Asian and European trading sessions, the gold price tends to rebound slightly with the US dollar’s correction and test the resistance area near 2497-2500 again. Then, the speech of Federal Reserve Chairman Powell in the evening gave the momentum for the subsequent trend of the gold price.
Resistance reference: 2498, 2530
Support reference: 2478, 2460
XAUUSD 1-hour chart:1st_place_medal:
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