Gold trading also stole the attention of investors in Wednesday's trading yesterday with attractive price movements that have been displayed influenced by the market reaction to the results of the FOMC meeting.
Examining the price movement on the XAU/USD price chart which measures the value of gold against the US dollar, there has been a rise since yesterday's Asian session continued into the European session, but there was a resumption of price declines before rising again at the end of the New York session after the FOMC meeting with daily gains. about 340 pips was recorded.
The rise in the value of gold was driven by the reaction to the results of the FOMC meeting earlier this morning which showed that the Federal Reverse (FED) has raised interest rates by 75 basis points as expected by the market.
The largest rate increase since 1994 was due to the release of United States (US) inflation data in May which rose to 8.6% compared to April's only 8.3%.
On the XAU/USD chart, the price made a rise at the end of the New York session after the reaction to the FOMC meeting reached the level around 1841.50 after the previous decline hit the 1815.00 zone.
Trend change signals have also been assessed by investors after the price has moved back above the Moving Average 50 (MA50) support level on the 1 -hour time frame giving investors hope to see the yellow metal commodity shine again.
If the price increase is successfully maintained above the 1830.00 level, the continued rise is seen to test the resistance at the 1850.00 zone before a higher rise will lead to the 1870.00 resistance zone.
On the other hand if the rise fails to continue and the price falls below the 1830.0 level, the focus zone at 1810.00 will be tested again before the lower decline will target the 1800.00 focus zone.
The drop that reaches the 1800.00 zone will record the latest 4 -week low for gold trading.
