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Analysis Of The XAU/USD Pair: FOMC Minutes In The Spotlight

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Analysis Of The XAU/USD Pair: FOMC Minutes In The Spotlight

By RoboForex Analytical Department

Geopolitical factors continue to exert influence on gold price dynamics. At the time of writing this commentary, no new growth impulses were observed, primarily due to the ongoing optimism regarding a potential compromise between the conflicting parties. However, in case of escalation, the demand for gold will only increase.

The FOMC meeting minutes will be published today. Market participants will be interested in data concerning the Fed members' stance on inflation and how its growth might influence the regulator's future actions. Equally crucial is the monetary authorities' assessment of the US economy's recession risk. Unless there are no unexpected geopolitical developments, this information will be the deciding factor for gold prices.

Technical Analysis Of The XAU/USD Currency Pair

On the D1 timeframe for the XAU/USD pair, the resistance level remains at 1929.14, with support at 1813.28. Considering the width of this channel's boundaries, it is doubtful it will be breached soon.

On the H1 timeframe, bullish attempts to consolidate above the 1857.58 level indicate the potential for further growth towards the D1 resistance level. Sales become relevant only if prices drop below the 1855 level, with a target at 1813.28. In the event of a breakthrough of the 1813.28 support, the next target could be 1785.13. However, it is unlikely that there will be enough momentum for such a move today.

Disclaimer

Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

This article was submitted by an external contributor and may not represent the views and opinions of Benzinga.

 

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Posted-In: contributors FOMC minutes Gold precious metalsTechnicals Federal Reserve Markets Trading Ideas

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