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In the afternoon of the American session, gold fell to the weekly low of 1,895. This movement occurred due to the volatility of the market as a result of the increase in the Fed's interest rate by 0.25 basis points.
The price of gold fell on Wednesday after the Fed meeting, but quickly managed to bounce back and consolidate above the 200 EMA (1,910).
The Fed said it would raise rates again at its next meeting. In the medium term, it is believed that this increase in the interest rate could affect the strength of gold and it could fall to the level of 1,800.
In recent days, gold has appreciated very strongly as a safe-haven asset when it reached 2,070 in the midst of the crisis of the war between Russia and Ukraine. Gold is likely to continue rising in the coming days until it retests the psychological level of 2,000 and up to +1/8 of Murray at 2,062.
On the 4-hour chart, we can see that since March 9, gold has been trading within a downtrend channel. Yesterday gold reached the bottom of this channel around 1,895. Earlier in today's Asian session, it reached the top of this channel at 1,937.
In the next few hours, gold is likely to break the 21 SMA located at 1,938 and a move higher towards the key level 8/8 Murray around $2,000 may occur.
Conversely, if it fails to break out and consolidate above the 21 SMA and above the downtrend channel, a pullback to the 200 EMA around 1,910 is likely. A bounce around 1,910 will give us an opportunity to buy gold with targets at 1,938 and 2,000.
The eagle indicator is giving positive signals and is still hovering in the oversold zone.
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