Gold hourly shows signs of weakness as Fed weighs heavily
The daily XAUUSD price trades between the lower blue and red bands in its weak channel. Moreover, its stochastic is below 20 (green rectangle), denoting strong downside momentum.
The hourly chart is developing bearishly. Its trend-following EMAs and momentum driven stochastic have crossed down (black ellipses). If the stochastic moves below 20 and holds (blue arrow), downwards pressure will be present.
Gold has been under pressure since real rates turned positive in late April. The market expects an aggressive Fed tomorrow, weighing on the precious metal.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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