Gold price had some increased volatility yesterday after the FOMC meeting. However, gold continues to trade within a trading range. The price managed to hold and test support at $1,175. It bounced towards the short-term resistance of $1,185-90. The short-term trend remains neutral.
Red line – support
Blue area – resistance area
Gold price found the short-term support at $1,175 and resistance at $1,190. The next resistance is seen at $1,200 and the next support is expected at $1,160. The trend is mainly sideways, so there is no clear direction for the short term. The charts are neither bearish nor bullish. So, short-term traders should be very cautious.
Blue line – support
The weekly chart remains bearish. The price is still below the tenkan-sen indicator at $1,200. At the same time, it is above the long-term critical support at $1,155. If it gets broken, we should expect a push lower towards $1,000.
The material has been provided by InstaForex Company – www.instaforex.com