at 8:10 am GMT – Maroon Saliba
Yesterday The Fed made a hawkish pause with rates projections higher than expected and which will remain for longer till rate cuts in 2024 and 2025. This supported the USD bulls and the Dollar Index gained bullish momentum and is trading today as of the time of writing with +0.28% weighing on Gold along with the US10YY that is trading today with +0.66%. Will this setup last for long with the ECB’s rate decision or will it reverse with an ECB’s rate hike? Only time will tell.
Between major central banks rates decision, I find it a good approach to snap a short term and short range Gold trade for the day.
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Gold 1H[/caption]
On the Technical level Gold today broke out downwards from the bottom at 1939.755 of the swing high on the 1D time frame eyeing to test the 1900 price level and Fibonacci retracement 61.8%. In my humble opinion, a short within the 1934-1940 price levels could be a good short term trading idea for today.
