Gold Rebounds Above $1,750 – Dovish FOMC Minutes in Play

The Federal Open Market Committee (FOMC) minutes released in the late New York session indicated that most Fed policymakers favor a slower rate hike to reduce financial risks and assess the progress made by policy-tightening measures thus far. Given the persistence of inflation in the US economy, Fed Chair Jerome Powell will raise interest rates by 50 basis points at the December monetary policy meeting.

As a result, a bullish bias will be proposed for today, backed by a move above the EMA50, while breaking $1,746.40 will end the positive scenario and force the price to fall again.

Today’s trading range is likely between $1,740 support and $1,775 resistance.
Today’s projected trend: bullish.