Gold price down as Dow Jones marching towards lifetime high once again. Better than expected home sales and consumer sentiment data pushed dow jones near lifetime high. Today we have FOMC meeting decision regarding interest rate. Most probably we wont see any rate hike. However Fed statement would be very crucial today. We are seeing better than expected US data since a week and it might make Fed hawkish once again. If Fed chairman deliver a hawkish statement then there is good chance to gold fall further and we may see new yearly lows in market as well.
If fed chairman deliver another hawkish statement just like he is doing since January this year. Then we may see some softness in Dow Jones Index and some flying in gold prices. Another data which is extremely important is Non farm payroll which will release this Friday. Good thing about this week is two most important events. Fed meet and NFP data will be clear in a week itself. So we will have clear view in upcoming weeks.
For now gold price is struggling at 1279$. Good support in xauusd chart stands at 1270$. If market break and sustain below 1270$. Then expect gold price to test 1262$- 1255$ in intraday trading.
Good resistance in comex gold chart stands at 1286$. If traders break and sustain above 1286$. Then expect good rise in comex gold price till 1292$- 1299$ in intraday trading.
Conclusion: Comex Gold trend is flat to weak today for today’s intraday session. Major deciding factor for gold would be Fed decision on interest rate. Avoid buying till market is not giving any pull back.
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