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Bullion Trading Sideways On Unclear Fed

GOLD

Gold prices are flat on the day in line with a stable DXY and have been trading in a very tight range, as the outcome of the December Fed meeting is unclear. They are currently around $1770.80/oz after reaching a high of $1775.24 and a low of $1768.84 during the session.

  • Gold is still below Monday’s recent peak and has been trading broadly sideways since the services ISM. Support is at $1747.40, the 20-day EMA and key resistance at $1807.90, the August 10 high.
  • Tonight the main event is likely to be the BoC meeting where they are expected to hike another 50bp. There is also US unit labour cost data for Q3 and a number of ECB speakers.
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