The price of gold fell to less than 3,350 dollars in the quiet Friday trade: What is the following for Xau/USD?
Gold extended its chip for a third consecutive session on Friday, as Xau/USD decreased to $ 3348 during the early European hours. Merchants have turned into caution of the weekend, especially since the markets digest the federal reserve tone that has not changed and geopolitical tension in the background.
Gold is still trading in high levels of historical terms, but recent declines indicate that traders are bounding profits as the immediate demand cools. The conflict between Iran and Israel has not hidden, but the markets seem less interactive this week. At the same time, the fixed US dollar is to maintain the pressure of the emerging gold in the choice.
The growing temporary stop in Fed
The federal reserve kept suspended rates this week, but he pointed to fewer discounts, as President Powell stated that inflation is still “sticky” and that any transformation in politics would be driven by data. This impossible gave Greenback a short -term boost, which in turn pressed gold.
Elsewhere, oil prices have been slightly cooled, and stock markets, a traditional negative group of safe deception flows such as gold.
The collapse of technical gold today (scheme 1H)
- Current price: $ 3,348
- Immediate resistance: $ 3,388
- Main Resistance: $ 3,430 (previous swinging)
- Support area: $ 3,320, then 3,280 dollars
- RSI (14): 35.62 – Land, near Overs.
Expectations
While gold is still in the upward trend in the long term, prejudice in the short term has turned into a neutral. A clean break less than $ 3,320 can be withdrawn by about $ 3,280 next week. On the other hand, the bounce above 3,388 dollars indicates that the bulls recover the short term control.
Currently, traders are waiting for either an event on risk or printing data in the United States to re -download long sites.
