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Bullion Stabilises Ahead Of Fed Decision

GOLD

With the resurgence in risk appetite and reversal of flight-to-quality flows, gold prices have struggled. They fell 2% on Tuesday but have stabilised during APAC trading today and are down 0.1% to $1938.80/oz, close to the intraday low of $1937.98 and off the $1946.29 high earlier. The USD index is close to flat.

  • Bullion faced resistance at $2000 and has moved down since reaching a high of $2009.73 on Monday, as markets have calmed following global moves to support the financial system and Treasury yields rose in response. It broke through $1959.70, which opened $1918.30, the March 17 low, as the next support level. Gold remains above key moving averages.
  • The focus is on the Fed announcement later today. Economists expect a 25bp hike and the OIS market has about an 80% chance of 25bp priced in. Hawkish comments from the FOMC would be negative for gold prices. ECB President Lagarde speaks and UK CPI data for February prints.
Energy BulletsCommodities
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