Gold Price Forecast: Uptrend intact if bruised ahead of the FOMC meeting

Tuesday March 21 marked the first day where traders scaled back their Futures positions following three consecutive days of increased open interest, the term used to describe the volume of open positions in the Futures market.

Nevertheless, Gold price has now broken out of its rising channel, which is a bearish development. The Relative Strength Index momentum indicator has tracked price lower and is actually diverging when compared to where XAU/USD was when it last dipped. Nor are there any signs on the 4-hour chart of a bullish reversal forming, so in the very short-term the trend looks a little bearish.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Price Forecast: XAU/USD bounces off weekly low, trades above $1,940 ahead of FOMCGold Price Forecast: XAU/USD bounces off weekly low, trades above $1,940 ahead of FOMC – by hareshmenghani Gold Commodities Fed CentralBanks XAUUSD
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold Price Forecast: XAU/USD grinds beyond $1,940 support, banking crisis, Federal Reserve in focusGold price (XAU/USD) struggles for clear directions around $1,980, following a pullback from the yearly high above $2,000, as markets slip into the ca
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold Price Forecast: Pullback from yearly highs continues as Credit Suisse rescue soothes marketsGold price pulls back from its yearly high as global banking jitters pass (for now) and US Treasury yields find a floor, supporting a stronger US Doll
Source: FXStreetNews - 🏆 14. / 72 Read more »