- January 28, 2026
- Posted by: EWGFX
- Category: Technical analysis
Gold prices continued to set new records early Wednesday, breaking above the $5,260 level for the first time. Buyers remain undeterred ahead of the Federal Reserve’s policy announcement later in the day.
Amid ongoing uncertainty in global trade policies and repeated pressure on the US Dollar (USD) from US President Donald Trump’s remarks, gold’s historic rally remains intact. The precious metal has surged around 20% this month and is up more than 5% so far this week.
The next major directional catalyst for gold prices is likely to be the Federal Reserve’s policy decision, with interest rates widely expected to remain unchanged. However, comments from Fed Chair Jerome Powell regarding labor market conditions and future rate expectations could significantly influence the USD’s performance and, in turn, impact non-yielding assets such as gold.
Personal view:
Gold is currently trading near extremely overbought levels, yet there are still no clear signs of a corrective pullback. Metals may move in a more stable manner during the European session after the strong gains seen in Asia, while markets remain focused on the US Federal Funds Rate data later today.
Plan trading based on support and resistance levels and EMA combined with Fibonacci to create a suitable strategy.
Personal Plan:
Price Zone Setup:
Buy limit Gold 5183 – 5180
SL: 5175 | TP: 5188 – 5194 – 5200
Sell limit Gold 5305 – 5308 (Scalping)
SL: 5313 | TP: 5300 – 5295 – 5290