Product: XAU/USD
Prediction: Decrease
Fundamental Analysis:
On Wednesday, after a two-day meeting, it was announced that the interest rates will stay the same. This is the third time this year and the sixth time to keep this rate that they've decided not to change the rates. This was expected by the market. The movement of gold prices is expected to be influenced by the US NFP report scheduled to be released tonight at 8:30pm. Analysts predict that if the report is weaker than expected, it could further support gold prices. This might help gold prices stay above $2,000 for the rest of the year and even break the $2,500 mark.
Technical Analysis:
After gold prices fell below the $2300 mark, it seems they found good support around $2280. If gold prices decisively drop below $2280, it could pave the way for a larger decline. Then, gold prices might accelerate their fall towards the next support area around $2268 to $2265. On the upside, there is short-term resistance around $2335. Next resistance point is the highest point for this week, which is in the range of $2352 to $2353.
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