Gold prices are starting the week at a key spot of support, just above the psychological level of 1900 that was re-tested on FOMC day last week. The low in Gold printed at around 2:20 last Wednesday, so after the statement release but just before Chair Powell took the podium to begin the press conference. During the press conference, buyers jumped in as shorts quickly covered and prices pushed right back to the short-term resistance level of 1930. While buyers were able to extend that move up to 1950, they weren’t able to negate the evening star reversal pattern that’s built on the weekly chart.
