17 Dec 2014
Gold cautious ahead of FOMC, trades below USD 1200
FXStreet (Mumbai) - Gold prices on Comex trades cautiously under USD 1200 in the Asian morning, wiping gains seen in the previous session, as markets await conclusion of Fed’s two-day monetary policy meet later in the day.
Currently, gold prices trades at USD 1198.60/Oz, higher 0.37% on the day, after having swung both sides in a volatile session yesterday. Gold prices fell in the US trading after the greenback rebounded from three-week lows and also as investors ignored lacklustre US housing data. Gold prices are likely to remain wary ahead of the outcome of Fed’s two day policy meeting which concludes today. Traders may keep a close eye on Fed’s language as “considerable time” phrase may be replaced with one that relates to the timing of US interest rate hike decision.
Gold Technical Levels
The metal has an immediate resistance at 1203 (Nov 25 High), above which gains could be extended to 1209.30 (Dec 8 High) levels. Meanwhile, support stands at 1196.87 (10-day SMA), below which doors could open for 1191.30 (Dec 15 Low) levels.
Currently, gold prices trades at USD 1198.60/Oz, higher 0.37% on the day, after having swung both sides in a volatile session yesterday. Gold prices fell in the US trading after the greenback rebounded from three-week lows and also as investors ignored lacklustre US housing data. Gold prices are likely to remain wary ahead of the outcome of Fed’s two day policy meeting which concludes today. Traders may keep a close eye on Fed’s language as “considerable time” phrase may be replaced with one that relates to the timing of US interest rate hike decision.
Gold Technical Levels
The metal has an immediate resistance at 1203 (Nov 25 High), above which gains could be extended to 1209.30 (Dec 8 High) levels. Meanwhile, support stands at 1196.87 (10-day SMA), below which doors could open for 1191.30 (Dec 15 Low) levels.