The short-term technical outlook for gold prices remains favorable for buyers, who will adopt a "buy the dip" strategy ahead of the Fed's interest rate decision.
Further supporting the bullish view, the bullish crossover between the 21-day moving average (SMA) and the 50-day SMA is still in play, while the 21-day SMA has also crossed above the 100-day SMA.
Therefore, further declines in gold prices may find strong support at $1,963 per ounce. If it falls below this level, the possibility of gold testing the psychological level of $1,950 per ounce cannot be ruled out.
If gold buyers fight back and take back control, the price of gold is expected to encounter short-term resistance at $1,990 per ounce, and if it breaks through this level, the price of gold will retest the $2,000 per ounce mark.
Note
active tradeNote
active tradeNote
active trade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.