Gold drops as dollar gains on Fed statement. The yellow metal risks falling to its 50-day SMA support. Gold is feeling the pull of gravity on Thursday with the US dollar gaining ground against major currencies. The yellow metal is trading near $1,950 at press time – down 0.5% on the day. Meanwhile, the dollar index, which gauges the greenback’s value against majors, is up 0.30% at 93.41. The dollar seems to be drawing bids on the back of the not-so-dovish Fed statement released Wednesday. From a technical analysis perspective, gold looks south, having faced rejection at the top end of a one-month-long descending triangle for the second straight day on Wednesday. The 50-day simple moving average (SMA) at $1,931 could offer support, which, if breached, would expose the lower end of the descending triangle, currently at $1,909. Alternatively, a daily close above Wednesday’s high of $1,973 would revive the broader uptrend and open doors for a break above $2,000. Daily chart Trend: Neutral-to-bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Foreign holdings of US Treasuries up for third straight month – Reuters FX Street 1 year Gold drops as dollar gains on Fed statement. The yellow metal risks falling to its 50-day SMA support. Gold is feeling the pull of gravity on Thursday with the US dollar gaining ground against major currencies. The yellow metal is trading near $1,950 at press time – down 0.5% on the day. Meanwhile, the dollar index, which gauges the greenback's value against majors, is up 0.30% at 93.41. The dollar seems to be drawing bids on the back of the not-so-dovish Fed statement released Wednesday. From a technical analysis perspective, gold looks south, having faced rejection at the top end… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
