Quick Update on Gold – FOMC. I am Keeping it Steady

Posted Wednesday, May 22, 2019 by
Arslan Butt • 1 min read

On Wednesday, gold prices are still stable in the European session, due to traders being careful about the latest news on the Sino-US trade front.

GOLD traded on the Comex division of the New York Mercantile Exchange, edged up 0.02% to $1,273.45 per ounce.

Last Friday, the bullion touched the $1,300 mark and hit one-month peak, as China countered raised US tariffs on its goods by declaring duty hikes of its own on American merchandise. As you know, in times of both economic and political problems, investors usually seek protection in the safe-haven gold.

For now, traders await FOMC meeting minutes which are due in the US session. Previously, the dollar turned bearish after the Federal Reserve kept the interest rates low in April and May over signs of a global economic slowdown.

Today, the FOMC meeting minutes will shed some light on a few major topics. A hawkish statement may place a bearish impact on gold, while a dovish one may drive bullish trend in gold today.

Support Resistance
1274.63 1279.97
1271.52 1282.2
1266.18 1287.54
Key Trading Level: 1276.86

The bearish breakout of 1,275 can trigger further sell-off until 1,266 and 1,261 while resistance stays around 1,282 and 1,296 today.

Good luck!

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