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FED Disappointed the Market

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Gold continues to trade in a downtrend, which is gradually entering the flat phase. The zone of $1485-1490 is the zone of buyers, which prevents the asset from further decline. The release of the Fed decision was followed by a local pulse decline by 1.7%, and gold was also bought in this zone. As a result, the price returned to the current equilibrium value of $1500 per ounce. Gold has been consolidating for more than a week, but there is reason to believe that it will end soon. The downtrend line might be broken, so quotes will begin to move up to $1550-1560, if bulls manage to gain a foothold in the area of $1510-1515. Or the current support zone will not keep its area, and the price drops to $1460-1470.

The US Federal Reserve, as expected, lowered the interest rate by 25 points. Nevertheless, the market was unsatisfied. Traders expected to get some information about further reduction this year, but Jerome Powell did not give any hint. As a result, the DXY index strengthened by 0.37%, and gold fell to $1483 per ounce. The correction began after the decline.

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Source: https://olymptrade.com/
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