fxstreet.com 27 Jan, 2021 07:15 am

XAU/USD awaits Fed decision for a clear direction, levels to watch – Confluence Detector

XAU/USD awaits Fed decision for a clear direction, levels to watch – Confluence Detector
Gold (XAU/USD) trades on the defensive around $1850 amid a broadly firmer US dollar and hopes of President Joe Biden’s $1.9 trillion stimulus breakthr

To the downside, immediate support is seen at the previous low four-hour at $1845, below which the pivot point one-day S2 will be challenged.The next on the sellers’ radars remain the $1833, the pivot point one-day S3.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.

The next critical barrier at $1857/58 needs to be cleared on a sustained basis for the metal to negate the near-term bearish momentum.Dovish Fed expectations appear to cap the downside in the metal.

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