Gold price technical outlook ahead of FED decision

Gold price started this week’s trading session on a strong bullish note and the metal price crossed the US$2,000 per ounce mark early in Monday’s trading session. But we witnessed a strong reversal from the fresh monthly high of $2009 to $1935 after the recent recovery in risk sentiment. Moving ahead, again the trend of the metal would largely depend on the trend of the dollar index and FED chair Powell’s speech.

gold neww

Technically, the overall momentum remains mixed after the previous session’s strong bearish move. In the short term, if the metal breaks below $1930 it would open doors toward the next key support area of $1922/20 and below that 1912 is next. On the upper side, $1950 will act as an immediate while $1956 will be a critical resistance zone. If the metal manages to settle above $1956, it will gain upside momentum and head towards the next resistance level at $1968 and $1975.