Gold Waits for Fed's Decisions

uk.investing.com/analysis/gold-waits-for-feds-decisions-200542588

By Andrey Goilov | Oct 24, 2022 15:40

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The Troy ounce of gold on Monday costs about 1660.00 USD.

Gold still has an inverted correlation with the USD. Previously, the quotes managed to recover after the US currency got weaker with the growing interest to risk.

From now on, attention will be focused on the increase in the interest rate made by the US Fed. The market discusses the probability of growth by 75 base points at once. The growth of the rate makes ownership of the precious metal more expensive because it does not generate income on its own.

Curiously, the "physical" demand for gold is growing. This is well seen on the example of India: the demand is so strong that it smoothes out the outflow of finance from gold ETFs.

On H4, XAU/USD completed a wave of decline to 1616.16. At some point, the market performed an impulse of growth to 1661.00 and is consolidating around this level today. An escape from this range upwards is not excluded, followed by further correction to 1690.00 and a decline to 1592.00. Technically, the scenario is confirmed by the MACD. Its signal line is under zero, heading strictly up. In case the zero line is broken, a pathway to new highs will open.

XAU/USD forecast

On H1, the pair demonstrated an impulse of growth to 1652.77 and is forming a consolidation range around this level today. With an escape upwards, a pathway to 1690.00 will open. With an escape downwards, a new wave of decline to 1600.00 will become possible. Technically the scenario is confirmed by the Stochastic. Its signal line has broken through 20 upwards and continues growing to 50. If the line is broken away upwards, a pathway to 80 will open. If the pair bounces off 50 downwards, a new structure of decline to 20 will open.

XAU/USD forecast

Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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Central Banks

Interest Rates

Next Meeting

BOE

4.00%

Mar 23, 2023

ECB

3.00%

Mar 16, 2023

FED

4.75%

Mar 22, 2023

SNB

1.00%

Mar 23, 2023

RBA

3.35%

Feb 07, 2023

BOC

4.50%

Mar 08, 2023

RBNZ

4.25%

Feb 22, 2023

BOJ

-0.10%

Mar 10, 2023

CBR

7.50%

Feb 10, 2023

RBI

6.25%

Feb 08, 2023

PBOC

3.65%

BCB

13.75%

Mar 22, 2023

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Gold Waits for Fed's Decisions

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