ARE INVESTORS WAITING FOR OCTOBER RATE CUT?

לפני 7 ימים

Current Price: $3,658
Resistance: $3,672
Support: $3,628
Bias: Short from $3,660–$3,668 | Target: $3,630

Fundamental Insight:

The U.S. Federal Reserve announced a 25 basis point rate cut, which was widely anticipated and already priced into the market. As a result, gold initially lacked any bullish momentum post-decision.

What changed the sentiment is the lack of dovish forward guidance from Fed Chair Jerome Powell. He did not signal any further rate cuts for the upcoming October meeting, which led to:

A strengthening U.S. dollar

Weakening demand for gold as a non-yielding asset

A shift in short-term sentiment to risk-off for precious metals

This macro backdrop aligns well with the potential for a near-term correction in gold prices.

Technical Analysis:

Resistance Zone: $3,668–$3,672
This area has historically acted as a short-term supply zone. Price action shows signs of rejection near this level.

Support Zone: $3,630–$3,628
A significant demand zone from recent sessions, and a possible target for short setups.

Price Action Strategy:
Currently, the price is consolidating below the $3,660 resistance area. A potential liquidity grab up to $3,668 could be the last push before a bearish move.

Bearish Setup (My Trade Plan):
I am favoring short entries from the $3,660–$3,668 zone, with tight stops above $3,672.
Target: $3,630, potentially lower if momentum builds.

Sentiment & Volume:

Declining bullish volume near resistance

RSI and MACD on lower timeframes are showing bearish divergence

Dollar Index (DXY) strength adds to gold's downside pressure

לפני 7 ימים

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