Strategy
Gold $ spot - 16 September 2020
Strategy
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Published on 2020-09-16
A moderate bullish bias is applicable above 1960. Technical score: +1
Testing the change in trend direction to bearish level. However, keep an eye on a potential bullish MACD crossover on the daily time frequency. This might assist the price action for further upside potential. Downside price momentum remains halted, which supports the bullish trend direction. Only a price action below 1960 will reverse the bullish trend direction. Upside targets: 1990.  Downside targets for a break above 1960 will be 1950-30.
•	Gold was up on Wednesday morning in Asia ahead of the U.S. Federal Reserve's policy decision, due to be handed down later in the day. The focus will be on whether the Fed continues to maintain an accommodative approach to inflation and keep interest rates lower for longer, both policies announced at August's Jackson Hole symposium by Fed Chairman Jerome Powell.