Gold: only a short correction?
The price of gold slipped a bit during the previous week, to adjust for the rise of the US Dollar. The highest-lowest trading range was between levels of $2.725 down to $2.650 where the price is closing the week. Still, analysts see this drop in price as only a temporary move, considering the FOMC meeting scheduled for December 18th, where the Fed is expected to cut interest rates by another 25 bps.
The RSI dropped to the level of 48, but is still not clearly indicating that the market is ready for a move toward the oversold market side. The MA50 continues to slow down its divergence from MA200, but the convergence has not started yet. This postpones the potential for a cross in the coming period.
All markets are currently set for a Fed's decision during the week ahead. This might imply some increased volatility during the week. As per current charts there are two possible scenarios for the price of gold for the week ahead. In one case, if the current level of $2.650 is broken toward the downside, then the price will continue its down trend, at least till the $2,6K support line. On the opposite side, if current level sustains, then the price will revert toward the upside, till the $2,7K resistance level.
The RSI dropped to the level of 48, but is still not clearly indicating that the market is ready for a move toward the oversold market side. The MA50 continues to slow down its divergence from MA200, but the convergence has not started yet. This postpones the potential for a cross in the coming period.
All markets are currently set for a Fed's decision during the week ahead. This might imply some increased volatility during the week. As per current charts there are two possible scenarios for the price of gold for the week ahead. In one case, if the current level of $2.650 is broken toward the downside, then the price will continue its down trend, at least till the $2,6K support line. On the opposite side, if current level sustains, then the price will revert toward the upside, till the $2,7K resistance level.
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