Gold Markets Technical Analysis
Gold prices started falling again during Tuesday’s trading session, which might not come as a surprise to many. The reason for this is the upcoming Federal Reserve meeting on Wednesday, which many people are closely watching. Because of this, investors might be cautious and not make any big moves.
There’s a possibility that Jerome Powell, the head of the Federal Reserve, might sound somewhat cautious or “hawkish” during the press conference. If that happens, it could push the price of gold down further. However, some people see this as good news because it means they might be able to buy gold at a lower price.
The $2,300 price level is important, and many investors are keeping an eye on it. We’ll have to see how the market behaves around that level. Right now, it’s a bit uncertain, so it might be best to wait and see what happens before making any big decisions.
If the price of gold drops below $2,300, it could continue to fall towards the 50-day EMA (Exponential Moving Average) and then towards the $2,200 level. On the other hand, if it holds above $2,300, the next potential resistance level is around $2,400.
Overall, the market is in a wait-and-see mode, and investors are closely monitoring economic events to make informed decisions. You can keep track of these events using an economic calendar.
