Gold is holding onto its recent gains and may well look to re-test the $2,000/oz. level again.
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Gold is treading water in early trade with little fresh news to drive price action. Risk markets are trying to push higher, despite the ongoing crisis in the Middle East, as the US earnings season gets into full flow. Tuesday’s USflash composite index surprised to the upside, indicating that business activity in the US is expanding, adding to the growing feeling that the US economy may be lining up a soft landing in the months ahead.
meeting and policy decision. The Fed is fully expected to keep rates unchanged, while the post-decision press conference will be parsed closely for any indications that the Fed may be ending its rate hiking cycle. The first look at US Q3is released tomorrow and this will be part of the Fed’s thinking when looking at monetary policy. The market is currently expecting 4.3% q/q growth in the third quarter, markedly stronger than the 2.1% expansion seen in the prior quarter.
The Federal Reserve is not the only central bank on the slate with the ECB, BoC, BoE, and BoJ all announcing their latest policy decisions over the next eight days.Gold is currently trading on either side of $1,970/oz. ahead of the US GDP data and next week’s Fed decision. A short-term resistance level around $1,987/oz. remains intact and the precious metal needs to close and open above here to open the way to $2,000/oz. and $2,010/oz. Support is seen at $1,960/oz.
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