Gold Price Forecast: XAU/USD dips below $1,985 ahead of pivotal Fed decision – Confluence Detector – by anilpanchal7 Gold Confluences XAUUSD Fed RiskAversion
ood on the Federal Reserve monetary policy day announcement day. Apart from the pre-Fed caution, headlines suggesting fresh tensions between the US and China, mainly due to the looming trade and technology restrictions from Washington, also seem to exert downside pressure on the XAU/USD price.
Moving on, Gold traders should pay attention to the Federal Open Market Committee monetary policy meeting announcements for clear directions. More importantly, comments from Fed Chair As per our Technical Confluence indicator, Gold Price prods the $1,962 support comprising the 100-DMA and a convergence of the Fibonacci 61.8% on one-week and 23.6% on one-day.
However, the Fibonacci 161.8% on one-day joins the convergence of the Pivot Point one-day S1 and one-week S3 to highlight $1,944 as the additional downside filter for the Gold Price after $1,950.
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