Gold prices on Comex extends its overnight side-trend and remains subdued in early-Asia as the yellow
Metal showed little reaction to lower Asian stock as well as the greenback awaiting fresh cues from
FOMC statement due for release tonight.
Gold remains below $ 1100 Currently, gold trades -0.15% lower at 1095.10, holding ground above 1091 levels. Gold trades directionless, struggling below 1100 marker as traders’ attention remains fully focused on the two-day meeting of the Federal Reserve (Fed) that began on Tuesday morning in Washington. Expectations of a hawkish statement by the Fed keep the gold prices from heading higher as traders remain cautious awaiting any hint on the outlook for US interest rates. The US dollar index, a virtual gauge of greenback’s strength, trades -0.09% lower at 96.67.
A weaker greenback makes dollar-priced in gold cheaper to holders on other currencies and vice-versa.Gold prices remained unperturbed and kept the familiar range on Tuesday following a disappointing reading on US consumer confidence. Meanwhile, the broader backdrop for the gold market remains negative as well as, with recent reports suggesting demand in China, one of the biggest bullion markets, has waned.
Gold Technical Levels The metal has an immediate resistance at 1100 and 1105 levels. Meanwhile, support stands at 1090 below which doors could open for 1085 levels.Analysts at Commerzbank noted that Spot Gold has met the 50% retracement of the entire bull move up from the 1999 low."This was located at 1087 and represented a major long term downside target for us.
The low at 1077.25 was accompanied by a divergence of the RSI and this reflects a loss of downside
momentum.Rallies will find initial resistance at 1131/41 (50% retracement of last leg down), we can only assume /while capped here a downside bias will persist.Below 1077 will target the 1033 March 2008 high and the 1000 psychological support."
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