We use a range of cookies to give you the best possible browsing experience.
Gold prices surged more than 7.2% off the yearly low with the rally now probing confluence technical resistance heading into the Federal Reserve interest rate decision this afternoon.
Monthly open support rests at 1707 backed by key support at the 38.2% Fibonacci retracement of the 2015 advance / 61.8% retracement of the 2020 range at 1682/89 and the 100% extension at 1648- both regions of interest for possible downside exhaustion IF reached.
From a trading standpoint, a good zone to reduce long-exposure / raise protective stops – be on the lookout for downside exhaustion ahead of the monthly open IF price is indeed heading higher with a breach / close above 1795 needed to suggest a more significant low was registered last month.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.