Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Gold: Key levels to watch (Post Fed meeting) 

Gold has lost more than $15 after a slightly dovish rate cut by the Fed. The central bank Fed cuts rates by 25 bps to 1.75% -2% as expected with one more rate cut projected this year. The forecasts show that officials split on the need for more easing with vote 7-3. It hits an intraday low of $1485 and is trading around $1486.

US-10 year yield has jumped more than 2% from intraday low of 1.745% and spread narrowed to 3.5 bps from 7.6 bps.
.
Major intraday support to be watched -$1486 and any break below targets $1475 (10-- W MA)/$1469.Minor weakness only below $1469. 

Resistance -The yellow metal is facing strong intraday resistance around $1510-12 and any break above targets $1525/$1540.

It is good to sell on ralies around $1495-97 with SL around $1510 for the TP of $1460

Additional Levels

$1469-76 (50- day MA and 55- day EMA)

$1445 (38.2% fib)

$1414 

$1390 (38.2% fib)
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.