Gold prices stay comatose even though the USD index weakened in Europe as the metal traders await the FOMC rate decision due tomorrow.
Offered at USD 1066/Oz
Prices turned lower from the high of USD 1066/Oz levels as investors await the Fed decision. The market stands divided on the size of the liftoff and the expectations could be influenced by the monthly US CPI data due later today.
Meanwhile, the USD index fell 0.34% to trade below 97.50, but failed to support the yellow metal. The uptick is not helping the metal either.
Gold Technical Levels
The immediate resistance is seen at 1069 (hourly 50-MA), above which the gains could be extended to 1079.67 (Friday’s high). On the other hand, a break below 1058.77 (previous day’s low) would open doors for a drop to 1052.20 (Nov 27 low).