FxWirePro: Gold trades flat ahead of FOMC meeting, good to sell on rallies
Gold drifted lower in Asian session on account of Fed meeting to be held today and tomorrow. The yellow metal hits low of $1262 and it is currently trading around $1266. Fed is expected to raise its federal funds target …
Gold drifted lower in Asian session on account of Fed meeting to be held today and tomorrow. The yellow metal hits low of $1262 and it is currently trading around $1266.
Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% after the conclusion of two day meeting on Wednesday. Investors will pay close attention to the press conference for the clues of reduction in $4.5 trillion balance sheet.
In the 4 hours chart , gold’s near term support is around $1266 (21 EMA) and break below will drag the commodity down till $1249 (89 day EMA)/$1241 (200- MA).
On the higher side, minor resistance is around $1274 (- 4H EMA) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1270 with SL around $1277 for the TP of $1256.
