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17 Sep 2015
Gold flat lined in Asia
FXStreet (Mumbai) - Gold prices traded sideways around USD 1119/Oz levels, after having strengthened by more than $10 in the early NY session on Wednesday.
Focus on Fed
The precious metal traders await the FOMC rate decision due later today. Heading into the event, the financial markets paint a contradictory picture. The interest rate futures still point to just 30% probability of a rate hike. Meanwhile, the two-year yield has clocked a 4-year high, indicating a high possibility of a rate hike.
The metal could track the movement in the two-year yield and the USD index ahead of the FOMC event.
Gold Technical Levels
The immediate resistance is located at 1123.50 (Sep 9 high), above which gains could be extended to 1132.90 (Nov 2014 low). On the other side, support is located at 1113.50 (Sep 10 high) and 1100.00 levels.
Focus on Fed
The precious metal traders await the FOMC rate decision due later today. Heading into the event, the financial markets paint a contradictory picture. The interest rate futures still point to just 30% probability of a rate hike. Meanwhile, the two-year yield has clocked a 4-year high, indicating a high possibility of a rate hike.
The metal could track the movement in the two-year yield and the USD index ahead of the FOMC event.
Gold Technical Levels
The immediate resistance is located at 1123.50 (Sep 9 high), above which gains could be extended to 1132.90 (Nov 2014 low). On the other side, support is located at 1113.50 (Sep 10 high) and 1100.00 levels.