GOLD (XAUUSD): Important Zone to Watch
The Federal Reserve's rate decision and FOMC meeting negatively impacted gold prices yesterday, leading to a bearish trend. Observing the 4-hour time frame, we can see how the pair responded to a downward trend line during the day.
The market had been consolidating within a broad range for nearly a month. However, following the Fed's announcement yesterday, there was a significant downward movement that confirmed a break below the support level of this range.
With the broken structure and a prominent downward trend line now defining the supply zone, we can expect further bearish movement, potentially reaching down to 2580.
The market had been consolidating within a broad range for nearly a month. However, following the Fed's announcement yesterday, there was a significant downward movement that confirmed a break below the support level of this range.
With the broken structure and a prominent downward trend line now defining the supply zone, we can expect further bearish movement, potentially reaching down to 2580.
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