XAU/USD Resistance Sure Forward of the Fed
Gold Worth Speaking Factors:
- After a powerful breakout this summer season, Gold prices have now spent nearly six months digesting.
- FOMC is on the calendar tomorrow, and the US Dollar is in a precarious spot that may see the forex break in both route, as highlighted in yesterday’s analyst choose.
- The evaluation contained in article depends on price action and chart formations. To study extra about worth motion or chart patterns, take a look at our DailyFX Education part.
This summer season’s price action was emblematic of what can occur in a Central Bank-driven risk-on surroundings. With the prospect of continued fiat debasement, introduced upon by an artillery of stimulus designed to offset the coronavirus pandemic, buyers hurried into non-fiat belongings like Gold and Silver at a report tempo.
Overbought conditions populated Gold markets for a bit of final summer season, however that appeared to matter little in early-August because the yellow metallic jumped as much as a recent all-time-high at $2,075. However…