#XAUUSD The Fed will announce its interest rate decision in two hours. There is a high probability that interest rates will remain unchanged. However, the Fed's announcement of interest rates will be accompanied by market sentiment and the upcoming Powell's speech, which will cause sharp fluctuations in gold prices.
Currently we can see the red trendline forming a triangle pattern. Waiting for a breakthrough. This means that new trends will occur after the Fed news.
Later price movements will be very wide.
1/White trend line, gold price corrects downward, two price areas where I would trade.
2131-2134/2121-2125. Many people will also pay attention to 2145-2148. I think there is only one possibility for 2148-2145, which is the price stretching behavior when the price goes up, so I will not analyze the transaction as a downward price adjustment.
2/Yellow trend line, gold price adjusts upward. There are many resistance areas, but we give priority to areas with obvious resistance in the early stage. We can try selling transactions in the upper price area 2183-2185 / 2193-2189
The above is my trend analysis for today. When news and market sentiment dominate, technical analysis can only be used as a trading reference.
Although the possible price trading ranges are very wide, we can make profits based on these price ranges. You can stop profit after making a profit of 30-60pips. Please set a good stop loss. Good luck with your trading.
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If you don’t know how to trade, maybe this post can help you. Blind trading will only lead to losses.
