Gold strongly bullish before the FOMC [Video]

Olimpiu Tuns Learn 2 Trade

The yellow metal extended its growth after ending its temporary retreat. It’s located at 1,944 at the time of writing, right below the 1, 945 today’s high. Fundamentally, the UK reported lower inflation which helped the XAU/USD to turn to the upside. Later, the FOMC should be decisive. The FOMC Press Conference should bring high action.

Technically, the XAU/USD ignored the ascending pitchfork’s upper median line and now it challenges the supply zone from below the 1,946 static resistance. Staying near this upside obstacle indicates an imminent breakout and continuation. The bias remains bullish as long as it stays above the broken upper median line.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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