The Shadow of an Interest Rate Hike Puts Pressure on Gold Again

Gold prices remained limited in trading on Tuesday (September 15th), remaining below US$4,300 per troy ounce. XAU/USD failed to extend its slight gains in the Asian session and remained near the one-month low touched the previous day.

Market participants tended to hold positions ahead of the start of the two-day FOMC meeting. The Federal Reserve is scheduled to announce its interest rate decision on Wednesday, after the latest US inflation data raised expectations that the central bank could raise interest rates again.

In addition to the interest rate decision, investors are focusing on the latest economic projections, the dot plot, and comments from Fed Chairman Kevin Warsh at a press conference. Signals regarding the next policy direction will be important factors for the US dollar and gold's movements.

Gold price at the time of this analysis: $4,267

- Buy if the price moves to $4,260

- Sell if the price moves to $4,275

Resistance 2: $4,300

Resistance 1: $4,283

Support 1: $4,255

Support 2: $4,233

Note: This article is analytical and not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.

Source: Newsmaker.id