On Wednesday, gold prices stabilized after their rapid growth that was observed during the previous session. It was driven by market expectations of the Federal Reserve’s (Fed’s) decision on the interest rate, which will be released later this day.
Unlike the stock market, which lost more than half of its gains during yesterday's session, gold managed to hold on to the highs, thereby showing the sustainability and strength of this growth.
Two significant technical resistances were overcome: the Fibonacci level and the round price of $1800. Overcoming these two important levels opens the way for further growth of gold to $1847.