Gold Price Forecast: XAU/USD defends 100-day SMA ahead of the crucial FOMC decision – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
o the weekly low. The XAG/USD sticks to its modest intraday gains heading into the European session and currently trades just above the $1,945 level, though remains well within a familiar range held over the past three weeks or so.Soft consumer inflation figures released from the United States on Tuesday reaffirmed market bets for an imminent pause in the Federal Reserve's rate-hiking cycle, which, in turn, is seen lending some support to the Gold price.
and acting as a headwind for the non-yielding Gold price. The downside, however, remains cushioned as traders seem reluctant to place aggressive bets and prefer to wait on the sidelines ahead of the key central bank event risk.The Fed is scheduled to announce its policy decision later during the US session, at 18:00 GMT and is widely expected to stand pat.
On the flip side, any meaningful intraday appreciating move now seems to confront resistance near the $1,962-$1,964 region ahead of the $1,970-$1,972 supply zone. This is followed by the $1,983-$1,985 hurdle and the $2,000 psychological mark. A sustained strength beyond the latter will shift the bias in favour of bullish traders and lift the
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