FXStreet (Edinburgh) – Gold prices are alternating gains with losses on Wednesday, struggling to find direction around $1,095 per ounce at the moment.
Gold attention to the FOMC
The troy ounce of the yellow metal has returned below the critical $1,100 handle in response to an increasing cautious tone amongst Gold traders ahead of the key FOMC meeting due later.
The prevailing bearish tone around Gold could be intensified today if consensus for a USD-supportive tone from the statement materializes, confining the precious metal to re-visit recent lows around $1,070.
Gold levels to watch
Gold is down 0.16% at $1,095.00 facing the next support at $1,072.30 (low Jul.24) ahead of $1,045.20 (monthly low January 2010). On the other hand, a surpass of $1,131.70 (high Jul.20) would expose $1,144.00 (high Jul.17) and finally $1,154.20 (high Jul.15).
(Market News Provided by FXstreet)