The Gold has been in a strong uptrend. After a dovish FOMC statement, we might see a save haven flight into Gold, so new highs are possible.
The Federal Reserve left its benchmark short-term interest rate unchanged, but FED Chairman Mr. Jerome Powell noted that the U.S. economic outlook is increasingly uncertain, citing trade tensions and slowing global growth. Almost half of the members of the Fed’s rate-setting body see a possible rate cut this year, making the FOMC statement a bit dovish. IMO, FED needs to cut the rates due to too much U.S. debt.
1.1360-62 is the first POC zone where we might see fresh buyers. In case of a deeper retracement, 1.1343-45 zone is also valid. As W H5 and D H5 have already been broken, strong bullish momentum should target 1400 and eventually 1413, next Daily resistance.
The analysis has been done with the CAMMACD.MTF template.
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