Gold Price Rebound Emerges Ahead of 50-Day SMA
The price of gold may attempt to retrace the decline from the monthly high ($1988) as it appears to be reversing ahead of the 50-Day SMA ($1951).
Gold Price Outlook
The price of gold trades to a fresh weekly high ($1974) ahead of the Federal Reserve interest rate decision, with a move above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for a test of the monthly high ($1988).
Next area of interest comes in around $2018 (61.8% Fibonacci extension), but the price of gold may track the negative slope in the moving average if it struggles to hold above the indicator.
A break/close below $1937 (38.2% Fibonacci extension) may push the price of gold towards the monthly low ($1903), with the next area of interest coming in around $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement).
Gold Price Outlook
The price of gold trades to a fresh weekly high ($1974) ahead of the Federal Reserve interest rate decision, with a move above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for a test of the monthly high ($1988).
Next area of interest comes in around $2018 (61.8% Fibonacci extension), but the price of gold may track the negative slope in the moving average if it struggles to hold above the indicator.
A break/close below $1937 (38.2% Fibonacci extension) may push the price of gold towards the monthly low ($1903), with the next area of interest coming in around $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement).
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