- Gold price has made a turnaround with significant support at the $1,951 level and entered an uptrend following the FED statements.
- In the short-term price chart of Bitcoin, the $27,150 level is seen as a decisive resistance zone. Closures above this level can increase the upside potential.
- The EXY index continues its ascent with buyer support from strong support levels and has the potential to progress towards the $109.59 levels.
Gold, Bitcoin, and EXY index are experiencing upward movements around specific levels in their short-term price charts, influenced by the FED statements. This analysis examines the support levels of gold price, resistance levels of Bitcoin, and the upside potential of the EXY index.
Current Bitcoin Price Analysis
2-Hour Bitcoin Price Chart Source: TradingView
When examining the short-term price chart of Bitcoin, it can be observed that the $27,150 level is an important resistance zone.
If the BTC price achieves 2-hour candle closures above the $27,150 level, it can sustain the uptrend towards the $28,200 levels.
However, if Bitcoin fails to overcome the $27,150 resistance, it may continue the downward movement towards the $26,300 levels.
In summary, Bitcoin’s price chart will move depending on whether the $27,150 level is breached or not.
Euro (EXY) Price Analysis!
4-Hour EXY Price Analysis! Source: TradingView
When examining the 4-hour price chart of EXY, it can be seen that buyers provided strong support at the $107.53 level. With this support, the EXY index has experienced an uptrend towards the $108.15 levels.
Today, an upward movement has been observed in the EXY index following the FED’s banking crisis and interest rate statements.
The upward movement of EXY can continue towards the mentioned $109.59 levels as stated in the analysis. However, it is important for EXY to remain above the $107.50 level before reaching this level.
In summary, the price chart of the EXY index indicates an uptrend. It is crucial for EXY to stay above the $107.50 level for the progression towards $109.59.
DXY Price Analysis!
Daily DXY Price Analysis! Source: TradingView
When examining the daily price chart of DXY, it can be observed that it experienced a drop to the $103.074 levels after encountering selling pressure from the important support-resistance zone around the $103.62 levels.
One of the major reasons for this drop was FED Chairman Powell’s statements:
LIVE | FED Chairman Powell: “Inflation is well above the FED target.”
— CO NEWS (@coinotag) May 19, 2023
During Powell’s statements, significant volatility was observed in global market indices.
Looking at the DXY chart, for DXY to continue its upward movement, it needs to find support around the $102.76 levels. If DXY holds at the $102.76 level, it can rise towards the $105.83 levels.
Gold Price Analysis (XAU/USD)
8-Hour Gold (XAU) Chart Analysis Source: TradingView
When examining the gold price chart, it can be seen that it made a turnaround with significant support at the $1,951 level.
Following the FED’s statements, there has been a 1.12% increase in the gold price, and it has risen to the $1,984 levels.
As long as the gold price maintains daily candle closures above $1,934, it has the potential to continue the uptrend towards the $2,033 levels.
In summary, the gold price chart indicates an uptrend. Gold can progress towards the $2,033 target as long as it stays above $1,934.
