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A dovish stance by FOMC officials in the two-day meeting will likely re-establish a bullish sentiment for the yellow metal. Comments of fresh implementation of average inflation targeting could also bolster demand for gold in the near-term.
However, if the Fed decides to emphasize the downside risks plaguing the economy and the growing separateness between Wall Street and Main Street, the yellow metal could come under renewed pressure. A pessimistic outlook by the Fed could force gold lower as it incentivizes demand for safe-haven currencies like the US dollar (DXY).
Gold (XAU) Value Forecast — September 14
XAU/USD Major Bias: Bullish
Supply Levels: $1960, $1983, and $2000
Demand Levels: $1939, $1923, and $1906
The path of least resistance for gold appears to be towards the upside. The confluence of support at the $1939 level (strong support line and 50 SMA) will likely keep prop-up the XAU/USD in the near-term.
The commodity attempted yet another breakout today but was strongly resisted by the $1960 resistance/pivot area. However, we could see gold retest that line and likely break it in the near-term as demand picks up. This will help the commodity take back its place above the ascending trendline and battle with the $1983-60 pivot zone.
Meanwhile, the MACD is indicating that an upwards momentum is just beginning and that we could likely see the $2000 again.
On the flip side, a break below the $1939 confluence could propel gold to the $1923 once again, where the commodity will likely find strong demand once again.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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