Gold futures declined during the early session amidst a negative day

The appeal of gold remains moderate amid uncertainty surrounding the Fed's monetary policy decision and the quarterly dot plot on wednesday.

Gabriel Micillo•Tuesday, March 19, 2024•1 min read

In line with Tuesday’s overall sentiment, gold futures declined during the European session and the American early session.

On the Comex division of the New York Mercantile Exchange, gold futures for April were trading at $2,156.80 per troy ounce. As of this report, they are down by 0.35%.

It early reached a session low of $2,150.30 per troy ounce.

The precious metal is trading sideways, between $2,145 and $2,165, and is likely to break out of the consolidation trend following the Fed’s monetary policy meeting.

Gold is likely to find support at $2,149.20 and resistance at $2,185.60.

The appeal of gold remains moderate amid uncertainty surrounding the Federal Reserve’s monetary policy decision and the quarterly dot plot release on Wednesday.

XAU/USD

It is expected that the Fed will maintain interest rates between 5.25% and 5.50% for the fifth consecutive time, but uncertainty about rate cut forecasts keeps gold prices on edge. Investors are scaling back their expectations that the Fed could begin lowering interest rates in June, which puts further downward pressure on the price of gold.

The Dollar Index Futures, which tracks the dollar’s trend against the group of the other six major currencies, increased by 0.34% to trade at $103.59.

On the other hand, in the Comex, silver for delivery in May fell by 0.54% to trade at $25.13 per troy ounce, while copper for delivery in May fell by 1.36% to trade at $4.07 per pound.

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ABOUT THE AUTHOR See More

Gabriel Micillo

Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.