Gold price bounced off the upper limit of the ascending channel yesterday, however recent comments from FED officials helped buyers halt declines. Fed’s Quarles said he was prepared to open talks on reducing the central bank's emergency support measures, joining Fed's vice chair Clarida and in line with FOMC minutes released early this month. If the current sentiment prevails then upward move may be extended to the major resistance at $ 1920 / oz, which coincides with the 61.8 Fibonacci retracement of the large downward move launched at the beginning of August 2020, or even $1,957.77/oz, where highs from November 2020 and January 2021 are located. On the other hand, if sellers manage to halt advances here, then another downward impulse towards support at $1877.82 may be launched.
GOLD, H4 interval. Source: xStation5
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