Gold is high at the beginning of the week
At the basic level
Gold prices rose strongly today as the dollar weakened ahead of the US interest rate decision to be issued next Wednesday.
The CME Fedwatch tool predicts a 98.2% probability that the committee will keep interest rates unchanged, and the central bank is facing pressure from President Trump to cut interest rates, even as his tariff policies threaten to increase inflation.
Gold is currently trading at a support level of about 3,320 dollars, ahead of the Fed's decision on interest rates on Wednesday.
On the other hand, geopolitical concerns about the war in the Middle East and Ukraine continue to contribute to supporting gold, and expectations indicate that gold may experience stability in the near term, but it may reach new record levels in the long term.
Artistically
Gold is trying to form a bat harmonic pattern on the four-hour frame, targeting the levels of 3350 dollars per ounce, where the levels of 3350 up to the levels of 3370 dollars per ounce are considered sell levels with little risk in the near term. We are targeting uptrend levels near the levels of 3270 dollars per ounce, from which we can start buying gold a second time, trying to reach new peaks.
