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Gold To Eye FOMC Meet

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COMEX Gold futures eased as traders eyed the outcome of US FOMC meet on Wednesday. COMEX Gold trades at $1962 per ounce, down 0.07% on the day. The metal hit a high of Rs 52182 per 10 grams earlier in the session. The US dollar soared following upbeat US economic data. The US Federal Reserve said industrial production climbed by 0.4% in August after rising by an upwardly revised 3.5% in July. The New York Fed said its general business conditions index jumped to 17.0 in September from 3.7 in August. Dollar index jumped above 93 mark and can gain further ahead of FOMC meet tonight, capping upside in Gold.

Gold prices eased on Wednesday, retreating from a near two-week high hit in the previous session, as the dollar gained ahead of a U.S. Federal Reserve policy decision due later in the day. Spot gold was down 0.2% to $1,952.15 per ounce. U.S. gold futures fell 0.3% to $1,960.50. Later in the day the Fed will conclude its first meeting since adopting a more accommodative approach to inflation and pledging to keep interest rates low for longer. U.S. House of Representatives Speaker Nancy Pelosi said Democrats were open to delaying an October recess to get a deal with Republicans on a new coronavirus aid bill. Japan’s exports slumped 14.8% in August from a year earlier, down for the 21st straight month, data showed, underlining the COVID-19 pandemic’s heavy hit to global demand. Silver dipped 0.3% to $27.09 per ounce.

TREND : BULLISH

Time                                      :           16/09/2020

Pivot                                      :           1959.67

Technical View                     :             LONG ABOVE 1966.63

Target                                   :            1971.59, 1983.65, 1995.18

Technical View                     :             SHORT BELOW 1953.67

Target                                   :            1947.61, 1936.17, 1924.01

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