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Gold Prices Open Lower Ahead of Wednesdays Rate Decision

Gold Prices Open Lower Ahead of Wednesdays Rate Decision

Walker England, Forex Trading Instructor

Talking Points:

Gold prices have opened Mondays trading lower, declining in a descending wedge pattern. This drop in price is continuing ahead of this Wednesdays US FOMC Rate decision. Expectations for this even are to see rates held flat at 0.50%. However if interest rate policy changes unexpectedly, it may have a drastic effect on Gold prices. As such, traders should continue to monitor this emerging price pattern to help identify the next directional breakout in gold prices.

Gold, 1 Hour Declining Wedge

(Created using TradingView Charts)

Short term price action for Gold also reflects a level of consolidation. Currently, Gold prices remain in between key intraday values of support and resistance. Range resistance for the session is found at a price of $1,281.90, and is represented below as the R3 Camarilla pivot. As well intraday support may be found at the S3 pivot, at a price of $1,269.38. If prices fail to breakout, traders may continue to look for range bound trading opportunities between these two points.

Bullish breakouts for Gold prices may begin above the R4 pivot found at $1,288.08. A move through this value would be significant as it would place the price of Gold outside of the descending wedge, which may signal a much broader bullish breakout. Alternatively, bearish breakouts may begin beneath the S4 Camarilla pivot at a price of $1,263.04. In this scenario it would be expected to see a broader US Dollar rally, coupled with the resumption of Gold prices daily downtrend.

EUR/USD, 30 minute with Intraday Support & Resistance

(Created using TradingView Charts)

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.