The highly anticipated Federal Reserve meeting resulted in forward guidance for a rate cut, however, not as the markets were expecting.
Gold has had rallies capped by upside resistance at $1350 over the past 24 hours but at the same time is holding the downside. Today’s Fed meeting will be an important one and the yellow metals should take its direction from it.
The price of gold trickled lower in early European trading on Monday. A support confluence is currently being tested and stands to trigger a bounce.
Quick Stats on Gold Positioning The net long position among speculators rose 28.1K contracts to…
Gold traded at a 14-month high in the past week and threatened a breakout that could have had significant long term bullish implications. However, the yellow metal retreated in the late week to give back the entire weeks gain.