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Today, all attention will be on the US Federal Reserve Rate announcement at 18:00 GMT. The event is going to set the base rate on the USD. A hike is expected to increase the USD demand and value, but no hike would decrease it.
Prior to the event, the price for gold extended the recovery that had started after finding support in the 1,955.00 level.
A continuation of the ongoing surge could be slowed down by the 1,975.00 and 1,980.00 levels, before the rate reaches the high level zone at 1,984.20/1,987.70.
On the other hand, a decline might look for support in the combination of the 1,965.00 level and the 50, 100 and 200-hour simple moving averages. Below these levels, the 1,955.00, 1,950.00 and 1,940.00 levels are capable of acting as support.
However, fundamentals and, especially, Fed rate hike are above all technicals.
Wed, 26 Jul 2023 09:43:19 GMT
Source: Dukascopy Bank SA
Today, all attention will be on the US Federal Reserve Rate announcement at 18:00 GMT. The event is going to set the base rate on the USD. A hike is expected to increase the USD demand and value, but no hike would decrease it.
Prior to the event, the price for gold extended the recovery that had started after finding support in the 1,955.00 level.
A continuation of the ongoing surge could be slowed down by the 1,975.00 and 1,980.00 levels, before the rate reaches the high level zone at 1,984.20/1,987.70.
On the other hand, a decline might look for support in the combination of the 1,965.00 level and the 50, 100 and 200-hour simple moving averages. Below these levels, the 1,955.00, 1,950.00 and 1,940.00 levels are capable of acting as support.
However, fundamentals and, especially, Fed rate hike are above all technicals.