$XAU (Gold) Weekly outlook:
Weekly: trapped inside a wedge structure.
Daily: bearish.
Strong support at $3,980 is holding for now. The next lower level I see sits around $3,880.
Upper big resistance: $4,100 to $4,225. A clean break and push above $4,450 is needed for bulls to regain traction.
My take:
Bears remain in control under these levels and inside the wedge.
Lose these levels, and price might keep moving down toward $3,650 or even $3,500.
NFA
#GOLD #XAU
🔥 GOLD & DXY | LONDON OPEN — FOMC DAY
🥇XAU/USD (4H): $4,034.96 (-0.04%)
💸DXY (Daily): 102.47 (+0.10%)
Gold has bounced from around $4,000 to $4,035, but it still looks more like a recovery attempt than a confirmed reversal. The 4H chart continues to show lower highs after the rejection near $4,190, and price is struggling around $4,035–$4,038.
The dollar remains a headwind. DXY is at 102.47 and testing the 102.50 area. If it holds above 102.30, gold may continue to face selling pressure. A...