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18 Mar 2015
Gold remains below USD 1150, FOMC in focus
FXStreet (Mumbai) - Gold prices on Comex reversed losses and traded flat ahead of US open, with further direction likely to be shaped by the Fed's monetary policy statement that will shed more light on the bank's future steps.
Gold keeps range ahead of FOMC
Currently, gold trades flat at 1149.10, having previously posted session high at 1151.60 and session low at 1144.90. Gold prices continues to trade directionless in a narrow range as traders remain cautious ahead of the Federal Reserve's (Fed) outcome from its March meeting as it may hint at a sooner rate hike.
Market participants expecting the Fed to remove the word "patience" from its forward-guidance stance. The move would say more on the timing of a future rate hike, which is widely expected to come in June.
Meanwhile, reflecting lack of investors ‘confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, declined to 747.98 tonnes on Tuesday.
Gold Technical Levels
The metal has an immediate resistance at 1156 and 1160 levels. Meanwhile, support stands at 1141.60 (March 17 Low) levels below which doors could open for 1132 (Nov 2014 Low) levels.
Gold keeps range ahead of FOMC
Currently, gold trades flat at 1149.10, having previously posted session high at 1151.60 and session low at 1144.90. Gold prices continues to trade directionless in a narrow range as traders remain cautious ahead of the Federal Reserve's (Fed) outcome from its March meeting as it may hint at a sooner rate hike.
Market participants expecting the Fed to remove the word "patience" from its forward-guidance stance. The move would say more on the timing of a future rate hike, which is widely expected to come in June.
Meanwhile, reflecting lack of investors ‘confidence in the yellow metal, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, declined to 747.98 tonnes on Tuesday.
Gold Technical Levels
The metal has an immediate resistance at 1156 and 1160 levels. Meanwhile, support stands at 1141.60 (March 17 Low) levels below which doors could open for 1132 (Nov 2014 Low) levels.