7:39 PM · 16 June 2021

Gold fell sharply after Fed decision

Potential higher interest rates and a reduction in liquidity through a higher IOER (although the increase is only symbolic) is slightly negative news for gold, at least in the very short term. For several minutes, gold lost 1.5%. It can be seen that the failure to establish a new peak on June 11 led to a stronger downward move, which is now continued and price broke below the 23.6 Fibonacci retracement of the last upward wave. The nearest support is located near the 38.2 retracement, while the key support can be found at 1,795 per ounce.

GOLD, H1 interval. Source: xStation5

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