Gold Surges Past $2,420 Amid Anticipation of Fed Rate Decision

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Gold Prices Climb Above $2,420 as Traders Brace for Key Fed Rate Decision

Anticipation for Fed Guidance Boosts Gold Prices

Gold prices (XAUUSD) surged for the second consecutive day, surpassing $2,420, up more than $40 from yesterday’s opening level of $2,377 per ounce. This rise comes as traders prepare for the Federal Reserve's key interest rate decision, expected to maintain the benchmark rate at 5.50%. However, the market focus is on potential hints of a rate cut in September from Fed Chair Jay Powell.

Technical Analysis: Gold

Current Outlook: Gold prices have stabilized in a bullish zone, targeting $2,428. Today’s price movement is highly sensitive due to the upcoming Federal Reserve rate decision and subsequent guidance from Powell.

Bullish Scenario: If the price breaks $2,428, it could continue its bullish trend towards $2,440 and $2,450.

Bearish Scenario: A reversal and stabilization below $2,420 could lead to declines to $2,412, $2,397, and further down to $2,378.

Key Levels:
- Pivot Line: $2,420
- Resistance Levels: $2,428, $2,440, $2,450
- Support Levels: $2,412, $2,397, $2,378

Today's Expected Trading Range: The price is anticipated to fluctuate between the support at $2,397 and the resistance at $2,440.

Traders should brace for heightened volatility in gold prices as Powell's remarks could significantly influence market movements.

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ملاحظة

reached our second target perfectly which is 2440

now should break that to get 2450