GOLD / Poised for Volatility as Fed Rate Decision Looms

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Gold Technical Analysis – 18th September 2024

Gold Edges Higher Ahead of Fed Rate Cut Decision

Gold prices remain steady, hovering near record highs, supported by a weaker U.S. dollar and growing speculation of a 50 basis-point rate cut by the Federal Reserve.

To sustain the bullish trend, the price needs to break above the 2,580 level, potentially driving it higher to 2,599. However, there is a likelihood of a pullback before the Fed's rate decision, followed by a bullish surge once the rate cut is confirmed.

If the Fed implements a 50 basis-point cut, gold is poised to test 2,599 and possibly extend gains towards 2,617 and beyond. Conversely, any deviation from this scenario could result in heightened market volatility in both directions, especially during the FOMC meeting. If Jerome Powell emphasizes concerns about a slowing economy, it could trigger a significant market movement, potentially driving Gold prices lower.

• Key Levels:
  - Pivot Point: 2580
  - Resistance: 2587, 2599, 2617
  - Support: 2562, 2553, 2528
  
  
• Trend:
  - Bullish: Above 2579
  - Bearish: Below 2570

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GOLD
Update

The price reached our target perfectly as we mentioned 2568 and now will be sensitive due to the FED rate and FOMC

so be careful, decreasing 25 bps + slow economy = strong volatility for both side, will make a bearish volume volatility

decreasing 50 bps + Good Economy = Bullish Volume Volatility