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Gold gained sharply after the Fed rate pause. Having reached an intraday high of $4085, it is now around $4067.
By a 9–3 vote, the Federal Open Market Committee decided to keep the benchmark federal funds rate at 3.50% to 3.75% for the fifth meeting in a row while continuing their ample reserves policy. Despite strong productivity and consistent employment, economic activity keeps growing; yet, current geopolitical unrest and supply shocks have driven inflation persistently above the Fed's 2% goal. Three committee members, Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, voted in favor of an immediate 25-basis-point rate rise, therefore indicating mounting internal pressure to tighten monetary policy should energy costs and inflationary pressures continue.
|
Technicals |
CMP -$4067 |
Trend |
|
|
1- Hour chart |
Value |
|
|
|
55 EMA |
$4055 |
CMP >55 EMA |
Bullish |
|
200- EMA |
$4132 |
CMP <200- EMA |
Bearish |
|
365- EMA |
$4255 |
CMP <365 EMA |
Bearish |
Near -term support -$4000. Major bearishness below $3940. Any violation below $4000 targets $3980/$3940. Near-term resistance - $4050/$4064/$4080/$4116/$4145/$4205/$4245.
|
Momentum indicator (4-hour chart) |
Inference |
Value |
|
CCI(50) |
Neutraal |
|
|
ADX |
Neutral |
|
It is good to sell on rallies around $4098-100 with SL around $4165 for a TP of $3940/$3900/$3800.
