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Gold Price Prediction: The XAU/USD pair could have a brief comeback ahead of FOMC changes

Alina Haynes

Sep 16, 2022 14:51

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"The story of substantial Fed rate rise expectations in the coming months may continue to play out this Friday, while gold traders may profit from excessive selling and position re-adjustments ahead of next week's FOMC decision,"

 

"Gold closed below the rising trendline support, then at $1,693, confirming an inverted cup-and-handle configuration." Bears might target the $1,650 psychological level following a breach below the previous day's low of $1,660 should selling pressure pick up again.

 

"On the other hand, the recovery will require acceptance above the 2022 low of $1,681, over which $1,691 will be tested. The level of $1,700 will be the next obstacle to the upside on the road to recovery."

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