U.S. FOMC Interest Rate Decision Followed By Press Conference
Finally the day is here when U.S. will declare its interest rate decision around 1800 GMT/2330 IST followed by FOMC Press Conference. Does any new measures introduce by the U.S. to get the economy back on track? Moreover, does Fed take more aggressive steps if the pandemic situation gets worst? In addition, more clarity requires on the future interest rate movement, Job market and Inflation data as well. Now what is unclear is just what the Fed plans to do and this is the reason markets eye on this biggest event.
Let’s see how Gold has reacted during the previous data release:
Note: Important to note here that, U.S. will release interest rate decision followed by Press Conference as well and this is the reason market can be volatile for minimum 2 Hrs.
XAU/USD: Gold trades visibly up ahead of Fed’s interest rate decision. Today pair made intraday high at $1,973 and low at $1,949 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,947, $1,932, $1,922, $1,910, $1,902, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,972, $1,981, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!