Gold is consolidating from 2156-2163 to 2181-2185- after jumping to 2020 all time high during March FOMC

Gold jumped from 2156-2158 to 2215-2220 during last week FOMC meeting minutes release because the market has expected the Fed to cut less rates in 2024, but it will cut rate 3 times.

However, the U.S Dollar has been stronger post FOMC which has made gold to drop to test the 2156-2163 zone post FOMC.

In the H4 gold chart bellow, gold has tested the 2156-2163 and has tried to break the 2181-2185 several times but it has failed to go higher.

The 2181-2185 and 2156-2163 are key trading zones this week:

  • Breaking 2181-2185, gold short term trend will be up and it will go up to 2215-2220
  • Breaking the 2156-2163, gold will make further correction to 2115-2120 or 2095-2100

Gold is up or down following U.S Dollar index and U.S Treasury Yield. There is U.S GDP report on Thursday which make support gold to break the 2156-2163 or 2181-2185.

Bellow is $1500 profit Gold Buy Signal 2163 after FOMC last week, Mar 20 2024.

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