Gold Price Analysis: Here are all the key levels in gold ahead of the FOMC meeting

Gold is having a good session moving 0.60% higher on Wednesday.
The levels on the chart are the ones relevant to the FOMC meeting later.

Rajan Dhall, MSTA FX Daily

Gold 1-hour chart

Today the market will get the latest from the US Federal Reserve. There is not expected to be any change in the main interest rate but at the Jackson Hole meeting (virtual) there were some policy changes. The Fed has now moved from a 2% inflation target to an average 2% target, this means they are willing to accept an overshoot. They are also targeting full employment and now traders and investors will be looking for more info surrounding these changes.

The technicals are looking positive at the moment with the market making higher highs and higher lows on the hourly chart. The very light pink lines are showing a converging wedge to the upside and the trendlines could provide some support or resistance. The main level in the chart is the red line at USD 1950.00 per troy ounce. The green line is the next resistance and this is at USD 1972.75 per once and beyond that the USD 2k psychological level is also close.

On the downside, there is a black trend line that could be retested after a recent break. The main low on the chart is the consolidation at the orange line at USD 1911.00 per ounce. On the higher timeframes, it has been tested a fair few times.

Remember that gold has been in an uptrend for some time. If the dollar weakens post FOMC it would be the perfect excuse for the yellow metal to rally again and for the trend to continue. If the greenback does strengthen then there could me more sideways pain to come.

Additional levels

XAU/USD

Overview
Today last price	1966.99
Today Daily Change	12.76
Today Daily Change %	0.65
Today daily open	1954.23

Trends
Daily SMA20	1943.52
Daily SMA50	1926.25
Daily SMA100	1828.95
Daily SMA200	1707.49

Levels
Previous Daily High	1972.23
Previous Daily Low	1948.48
Previous Weekly High	1966.54
Previous Weekly Low	1906.62
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1957.55
Daily Fibonacci 61.8%	1963.16
Daily Pivot Point S1	1944.4
Daily Pivot Point S2	1934.56
Daily Pivot Point S3	1920.65
Daily Pivot Point R1	1968.15
Daily Pivot Point R2	1982.06
Daily Pivot Point R3	1991.9

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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