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The next 24 hours will see a plethora of economic data that will have the ability to shift market confidence, as well as the strength of the dollar, but gold is often discussed in terms of its ability to hold value against a wavering inflation rate. At the moment UK rates are drifting lower and EU rates are edging higher, although compared to the last few years they are at relatively low levels.
The precious metal is continuing to trade sideways, seeing concerted buying pressure appear when the price has dropped below the $1220 level. In the last couple of days it has also seen renewed interest when the price threatened to re-test that support. It is worth noting that volumes are quite low and the 100-day average is down by around 15%.
Looking at current levels, and considering the importance of the Federal Open Market Committee statements to come, a prudent stance might be the best for now. The longer-term direction for gold should become clearer in the days ahead.