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