17 Mar 2015
Gold hovers around 5-DMA
FXStreet (Mumbai) - Gold prices on Comex continued to trade around a flatline, consolidating above 1150 levels, despite a sharp drop in the DXY, as traders remain on the sidelines ahead of the start of the two-day Federal Reserve meeting later in the day.
Gold cautious as FOMC Meeting commences later today
Currently, gold trades flat at 1154, having previously posted day’s high at 1156 and day’s low at 1151.20. Gold prices continued its accumulation phase awaiting direction from the US Fed that is expected to make an update on its forward guidance on Wednesday.
Moreover, a broadly weaker US dollar also failed to lift the yellow metal as traders await the outcome from the Fed's two-day policy meeting.
Meanwhile, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, remained unchanged at 750.67 tonnes on Monday.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1165 levels. Meanwhile, support stands at 1151.20 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.
Gold cautious as FOMC Meeting commences later today
Currently, gold trades flat at 1154, having previously posted day’s high at 1156 and day’s low at 1151.20. Gold prices continued its accumulation phase awaiting direction from the US Fed that is expected to make an update on its forward guidance on Wednesday.
Moreover, a broadly weaker US dollar also failed to lift the yellow metal as traders await the outcome from the Fed's two-day policy meeting.
Meanwhile, holdings in the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, remained unchanged at 750.67 tonnes on Monday.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1165 levels. Meanwhile, support stands at 1151.20 (Today’s low) levels below which doors could open for 1146.50 (March 11 Low) levels.