Gold Edges Up as Market Awaits Fed Surprise
Gold prices edged higher ahead of the Federal Reserve's interest rate decision. Spot gold rose 0.3% to US$4,038.71 per troy ounce, while US futures contracts dipped slightly to US$4,037.65.
Gold's rise was supported by a roughly 0.1% weakening of the US dollar. However, the dollar index remains near a one-month high, limiting the precious metal's gains.
The Fed is expected to keep interest rates unchanged at the conclusion of its two-day meeting. The market sees a 68% probability of rates remaining steady, while the likelihood of a 25-basis-point hike stands at around 32%.
Middle East tensions have escalated again after the US military intercepted Iranian missiles aimed at American forces. Iran also claimed to have targeted an airbase and US Central Command facilities in Jordan.
Gold price at the time of this analysis: $4,032
- Buy if the price moves to $4,027
- Sell if the price moves to $4,040
Resistance 2: $4,065
Resistance 1: $4,045
Support 1: $4,025
Support 2: $4,015
Note: This article is analytical in nature and does not constitute a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id
