Gold: sideways action continues
FXStreet (Mumbai) – Gold continues to trade in the sideways manner in the early European session as investors prefer to stay on the sidelines ahead of the Thursday’s FOMC rate decision.
US data could trigger minor moves
The US advance retail sales figure due for release later today could trigger minor moves in the metal. Retail sales for August is seen rising 0.3%, compared to a 0.6% rise in July. The data would be followed by monthly industrial production and regional manufacturing index figures.
At the moment, the fed funds futures indicate about 30% probability of a rate hike in September. The data today is could trigger minor changes in rate hike probability and affect the metal prices. However, big moves may not be witnessed as investors await Thursday’s FOMC meeting.
Gold Technical Levels
The metal currently trades around USD 1107/Oz levels. The immediate resistance is located at USD 1113.50 (Sep 10 high), above which gains could be extended to USD 1123.50 (Sep 9 high). On the other side, support is located at USD 1102.10 (Sep 9 low) and 1098.20 (Sep 11 low).
Gold continues to trade in the sideways manner in the early European session as investors prefer to stay on the sidelines ahead of the Thursday’s FOMC rate decision.
(Market News Provided by FXstreet)