Technical analysis
The Ichimoku indicator gives a possible bearish signal
The RSI is under the line 50, indicating that a downtrend may prevail
The CCI suggests a possible upwards correction.
What the possible outcomes are
Gold prices fell as the U.S. dollar strengthened after U.S. Federal Reserve’s policy meeting minutes showed that almost all its officials agreed to start easing bond purchases this year.
In our most likely scenario, XAUUSD may decline towards the first support level of 1,775.
If the pair falls below the first support level, we can expect a continued downtrend towards 1,769.
Contrarily, the pair may rise towards the first resistance level of 1,783.
If the price passes the initial resistance level, it could test the next higher at 1,792.
Key levels
Support 1,769 1,775
Resistance 1,783 1,792
