Gold Technical Analysis – The price whipsaws on US CPI and FOMC ...Middle East

Fundamental OverviewYesterday, gold got a boost from the soft US CPI report as real yields and the US Dollar dropped following the data release. Unfortunately, the gains were erased later in the day as we got a bit more hawkish than expected FOMC decision. Zooming out though, the Fed decision didn’t change much as Fed Chair Powell backpedalled on the hawkish projections saying that they remain very data dependent and that they don’t have a high confidence in their forecasts. Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that gold bounced near the key support zone around the 2277 level where we had also the 38.2% Fibonacci retracement level for confluence. This is th

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