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Bullion In Holding Pattern Ahead Of Fed Meeting

GOLD

Gold prices have been trading in a tight range during the APAC session ahead of Wednesday’s FOMC meeting. They fell 0.2% on Monday, and are now down 0.1% from the NY close at $1921.30/oz and is close to the intraday low of $1920.91 after reaching a high of $1927.43. The USD fell earlier in the session and is now climbing back up and weighing on gold prices.

  • Gold continues to trade between its resistance at $1949.20, January 26 high, and support at $1897, the 20-day EMA.
  • Later today there is preliminary euro area Q4 GDP and then in the US the Q4 employment cost index, January Conference Board consumer confidence, Chicago PMI and November house prices print. On Wednesday the Fed meets and is expected to hike rates 25bp (see MNI Fed Preview).
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