The Federal Reserve kept the current policy as widely expected. However, the surprise came from the Dot Plot.
Gold: breaking the downtrend?
2021-03-09 • Updated
On February 26, a downward channel started forming. The upside of the channel was mostly limited by the 50-MA. Currently, the price is flirting with both the 50-MA and 100-MA which will define the destiny of this channel now. Hence, your action plan below.
- Watch for bullish signs on lower timeframes; if they form while the price is at 100-MA, the price will likely cross its resistance; in this case, the target will be 200-MA at 1730
- Watch for reversal signs on lower timeframes; if they form while the price is at 100-MA, a bounce downwards will likely take place: in this scenario, the support of 1680 will likely be crossed
Gold prices tumbled during the first trading day of the week declining to as low as 1844 USD/Oz. However, it was able to trim these losses and closed the day around 1866 USD/Oz.
Gold price failed to break above $1900 last week and slid down. Read the article to see the technical outlook for the price!
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EUR/USD found support at 1.1845 and is currently trading just below the 61.8% Fibonacci retracement of the March-May advance at 1.1920.
NZD/USD has returned above the 50-week MA at 0…