Gold Drops $65 as Bearish Momentum Dominates Post-Fed Decision
Gold Technical Analysis
Gold prices dropped approximately $65 yesterday following the Federal Reserve's rate decision. The market continues to exhibit bearish momentum as long as it trades below 2623 and 2612, targeting 2585. A break below 2585, confirmed by a 1-hour or 4-hour candle close, could push the price further down to 2558.
The gold market is expected to remain volatile, with the upcoming GDP report playing a crucial role:
Gold prices dropped approximately $65 yesterday following the Federal Reserve's rate decision. The market continues to exhibit bearish momentum as long as it trades below 2623 and 2612, targeting 2585. A break below 2585, confirmed by a 1-hour or 4-hour candle close, could push the price further down to 2558.
The gold market is expected to remain volatile, with the upcoming GDP report playing a crucial role:
- If GDP comes in below the expected 2.8%, this could support a bullish move.
- If GDP exceeds 2.8%, this could reinforce the bearish trend.
Key Levels
Pivot Point: 2612
Resistance Levels: 2623, 2638, 2653
Support Levels: 2585, 2572, 2558
Trend Outlook
Bearish below 2623 and 2612
Bullish above 2623
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