Hold Your Breath As U.S. FOMC Interest Rate Decision Is About To Release
U.S. is going to release Interest Rate Decision at 1800 GMT/1130 IST followed by Press Conference. Market is not at all expecting any changes in interest rates but does FOMC convey dovish or hawkish message is the key focus of today’s meeting. Most importantly, FOMC discusses the economic outlook and offers clues on the outcome of future votes.
In previous FOMC meeting, Fed Chair Jerome Powell said that the bank would keep interest rates near zero for the foreseeable future and warned about the long journey to recover for the U.S. economy.
Let’s see how gold has reacted during the previous data release:
XAU/USD (GOLD): Gold gave in total $74 movement in previous session. Today pair made intraday high at $1,964 and low at $1,947 mark. A sustained close above $1,958 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,947, $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $1,964, $1,976, $1,982, $1,994 and $1,999 mark respectively.
Take a look and do trade wisely!