16.03.2021
The gold price is trading below the important level of 1739.50, having risen earlier amid a local weaker US dollar ahead of the Fed's monetary policy meeting, which will be held today. If the meeting’s outcome puts pressure on the dollar, the quotes of the "yellow metal" will creep above this level. At the same time, the swaying of the market before the meeting may also cause a local decline.
Technical side:
The price is located above the middle Bollinger band, above SMA 5 and SMA 14. RSI lies above the 50% level and moves horizontally. Stoch are not informative.
GOLD rate online: monitor the price movement in real time.
Trading Idea:
The price may decline to 1700.00 if it drops below 1729.00.
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