The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
Gold depending on the Fed meeting
Much will ride on the outcome of the Federal Reserve meeting tonight and what the US dollar does. However, gold bulls are doing a commendable job of holding the $1263 support area, with a dip to the 50-day simple moving average (SMA) at $1260 bringing out buyers.
A close below $1260 would suggest further losses towards $1240, while a bounce on a potentially dovish Fed could see the metal head back to $1295, which is an area of key resistance.