U.S. FOMC Meeting Minutes
Today U.S. has scheduled to release FOMC Meeting Minutes at 1800 GMT/2330 IST. It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.
After the last meeting, the Fed said they would start tapering “soon”, but Fed didn’t give a definitive date/month. The factor that is most likely going to affect bond yields now is when they actually reduce their asset purchases. Traders eye the perfect time for tapering and hint on interest rate hike through the upcoming FOMC Meeting Minutes.
Let’s see how Gold has reacted during the previous data release:
- Gold remained highly volatile after U.S.’s robust CPI results and gave $23 volatility.
- Today pair made intraday high at $1,780 and low at $1,757 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,776 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,747 will check further supports.
Take a look and do trade wisely!