XAU/USD | Gold Awaits FOMC and Powell to Set the Next Big Move!
By analyzing the #gold chart on the 4 hour timeframe, we can see that price is still moving sideways inside the same range and has not chosen a clear direction yet. Even so, the previous analysis played out and gold dropped about 350 pips before bouncing back to the 4220 supply zone, where it got rejected again. Right now gold is trading around 4197.
Todays interest rate decision and Powells speech will decide the next major trend.
If Powell sounds Hawkish, we could see a heavy drop in gold.
If he sounds Dovish, gold may push toward levels above 4300.
Keep an eye on the demand zones at 4157 to 4169 and 4130 to 4145, and the supply zones at 4225, 4233, and 4241 to 4259. This analysis will be updated soon.
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Best Regards , Arman Shaban