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28 Jan 2015
Gold in holding pattern ahead of FOMC statement – MP
FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse, comments that Gold is steady ahead of the FOMC statement, with the current range being USD 1275 – USD 1300.
Key Quotes
“Gold is steady on Wednesday, following gains a day earlier. In the US, the markets are keeping a close eye on the FOMC Statement, which will be released later in the day. The only other event is Crude Oil Inventories, with the markets expecting a strong downturn in the upcoming report.”
“The Federal Reserve will be in the spotlight on Wednesday, with the release of a policy statement at the end of a two-day meeting. The Fed is expected to continue to counsel patience regarding an interest rate hike, and persistently weak inflation means the Fed can take its time before having to make a monetary move.”
“The markets will be combing through the statement and any clues as to the timing of rate hike could shake up a listless EUR/USD.”
“XAU/USD is showing limited movement on Wednesday.”
“On the downside, 1275 is an immediate support line. 1255 is next.”
“The round number of 1300 is a weak resistance line. 1322 is stronger.”
“Current range: 1275 to 1300”
Key Quotes
“Gold is steady on Wednesday, following gains a day earlier. In the US, the markets are keeping a close eye on the FOMC Statement, which will be released later in the day. The only other event is Crude Oil Inventories, with the markets expecting a strong downturn in the upcoming report.”
“The Federal Reserve will be in the spotlight on Wednesday, with the release of a policy statement at the end of a two-day meeting. The Fed is expected to continue to counsel patience regarding an interest rate hike, and persistently weak inflation means the Fed can take its time before having to make a monetary move.”
“The markets will be combing through the statement and any clues as to the timing of rate hike could shake up a listless EUR/USD.”
“XAU/USD is showing limited movement on Wednesday.”
“On the downside, 1275 is an immediate support line. 1255 is next.”
“The round number of 1300 is a weak resistance line. 1322 is stronger.”
“Current range: 1275 to 1300”