Gold Moves Sideways Ahead of FOMC Minutes
Gold (XAU/USD) held around $3,326 with modest intraday gains. Selling pressure in global markets provided slight support as a safe haven, but hopes for peace between Russia and Ukraine curbed hedging interest, limiting gold's rally. The market preferred to await clues on the Fed's policy direction from the release of the FOMC minutes.
Fading expectations of a Fed rate cut helped the US dollar remain strong and made yieldless gold less attractive. Stable bond yields also limited price gains. In the very short term, gold's direction will be determined by the reaction of the US dollar and yields after the minutes are released.
The gold price at the time of writing was $3,326/Toz.
- Buy if the price moves to around $3,331
- Sell if the price moves around $3,321
Resistance 2: $3,336
Resistance 1: $3,331
Support 1: $3,321
Support 2: $3,316
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id