Gold price has paused its two-day uptrend, as bulls contemplate the next move, in anticipation of the critical Fed interest rate decision. Fed is seen hinting at a March rate lift-off while traders will closely eye any signals on the timing of the balance sheet reduction. Expectations of a hawkish Fed outcome are limiting the upside in gold price, although bulls draw support from the ongoing Russia-Ukraine geopolitical turmoil. Let’s take a look at gold’s key technical levels in the run-up to the Fed showdown.
Gold Price: Key levels to watch
The Technical Confluences Detector shows that the gold price is consolidating below a bunch of healthy resistance levels stacked up around $1,849.
At that supply zone, the previous week’s high coincides with Fibonacci 38.2% one-day.
The immediate upside meets strong offers around $1,852, the confluence of the pivot point one-week R1, Fibonacci 23.6% one-day and Bollinger Band one-day Upper.