Gold hit by hawkish Fed
Unsurprisingly, the Federal Reserve’s shift to a more hawkish stance for next year has done little for gold. The price tested the area around $1133 overnight, so this is the first area of support to watch. Any rally, which may still materialise despite last night’s meeting, would need to push on above $1160 to suggest consolidation rather than further losses are likely.
From here the price needs to clear $1170 and then $1180. Further weakness could see the price head towards $1122 and then $1106.