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Consolidates Ahead Of FOMC Decision

GOLD

Gold is slightly stronger in the Asia-Pac session, after closing 0.1% lower at $2157.59 on Tuesday.

  • Recent price action in the yellow metal is best viewed as consolidation ahead of today’s FOMC meeting.
  • Bullion was supported by US Treasuries, which finished with yields 1-5bps lower. The strength in US bonds indicates a market that is relatively unconcerned about the FOMC outcome. The consensus anticipates an unchanged policy stance, with the median dot indicating three rate cuts expected this year.
  • According to MNI’s technicals team, the recent break above $2135.4, the Dec 4 high, reinforced bullish conditions and signaled scope for $2206.6 next, a Fibonacci projection. Short-term conditions are overbought and a deeper retracement would allow this set-up to unwind. Firm support is at $2117.4, the 20-day EMA.
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