Bearish Pressure Breaks Key SupportGold is on track to complete a bearish outside day on Wednesday, following the U.S. Federal Reserve’s decision to raise interest rates by 0.25%.
The 50-day moving average, which had held as support for the prior two days, failed, with gold reaching a new corrective low of $4,235 at the time of writing.
Trading continues near the low of the day, with gold set to close below the 50-day moving average for the first time since an upside breakout of the downtrend line triggered on August 5.
Bearish Pressure Breaks Key Support
Gold is on track to complete a bearish outside day on Wednesday, following the U.S. Federal Reserve’s decision to raise interest rates by 0.25%. The 50-day moving average, which had held as support for the prior two days, failed, with gold reaching a new corrective low of $4,235 at the time of writing. Trading continues near the low of the day, with gold set to close below the 50-day moving average for the first time since an upside breakout of the downtrend line triggered on August 5.
