GOLD H1 SHOWS BULLS / BEARS ?

GOLD: Sideways Trend Persists Ahead of Fed Decision

Gold price is currently trading in a sideways trend, struggling to find direction ahead of the Federal Reserve's policy announcement. The precious metal is caught between the 21-day Simple Moving Average (SMA) support at $2,655 and the 50-day SMA resistance at $2,671.

Traders are adjusting their USD positions ahead of the Fed's decision, with mixed US PMI data and geopolitical tensions supporting gold prices. Markets have fully priced in a 25 basis point interest rate cut by the Fed.

Technical indicators suggest a lack of clear directional bias, with the 14-day Relative Strength Index (RSI) trading flat at around the 50 level.

Targets:

Buy target : $2,700, $2,726
Sell target : $2,613, $2,600

Best Wishes Tom 😎

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LegendaryTom

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