Gold at highs ahead of FOMC

3 วันที่ผ่านมาFundamental Analysis
There is a lot of news next week: Core Retail Sales, CPI, FOMC, FED,... The focus is on the Fed's Interest Rate Decision, where officials will decide whether to cut interest rates in the United States. From a global perspective, this is a bullish scenario for gold, but it depends on whether interest rates will be cut by 25 basis points or 50 points, the former scenario may upset investors.

The dollar is testing a strong support level and is only one step away from entering a new range of 100.6 - 94.6. A fairly wide channel, now imagine the potential of the market, with the index falling too much.

Anticipating the news, traders may enter a profit-taking phase, which may form a small correction for gold (This is also the concern of whales, to reduce prices before growth).
- Breaking the resistance level will be the impetus for continued growth.

From the support level, there may be a false breakout or a further decline to the next zone

Technical analysis
On the daily chart, gold achieved the target increase sent to readers in the publication at the Fibonacci extension level of 0.618% and the increase slowed down, narrowing below this level.
Looking at the overall picture, gold is still fully capable of continuing to increase in price when the Relative Strength Index RSI is sloping up with a large slope but has not yet gone above the overbought level, showing that the room for bullish momentum is still ahead.
In the short term, as long as gold remains in trend and above EMA21, its trend is still bullish and declines that do not break these supports should only be considered as technical corrections without changing the trend.
In the short term, if gold price is pushed above the 0.618% Fibonacci level, it will be eligible to continue to increase to the original price of 2,600USD and more than that, the 0.786% Fibonacci level of 2,612USD.

SELL 2599 - 2601 Stoploss 2605
BUY 2567 - 2565. Stoploss 2561
BUY 2555 - 2553. Stoploss 2549

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Gold price remains close to record high, awaits pivotal Fed decision before the next leg up
Gold price attracts some dip-buying and reverses a part of the overnight corrective slide. Bets for a 50 bps Fed rate cut keep a lid on the attempted USD recovery and lends support. Bulls seem reluctant to place aggressive bets ahead of the key central bank event risks.