Gold is now trading within a narrow range against the backdrop of continued uncertainty in US-China trade negotiations and pending the outcome of the two-day meeting of the FOMC.
On the eve of some media reported the postponement of December 15, at a later date the date of the introduction of new trade duties on Chinese imports from the United States. Later, White House advisor Larry Kudlou denied this information, saying that the decision on this matter is still pending and the likelihood of the introduction of duties on December 15 remains high
With regard to the outcome of the FOMC meeting much less uncertainty. According to CME Group market with 100% probability expects to maintain interest rates at the same level. This decision is actually already incorporated in the price. More or less severe impact on trade can only provide unexpected comments from the FOMC and Fed chairman Jerome Powell.
In addition to the FOMC meeting in the US today is expected to publish a report on inflation for November.
On the chart remains relevant previously marked horizontal range 1460.00-1467.50. Most likely, before the announcement of FOMC decision will be the price in this range. Further motion vector will depend on the release rates in the direction of the horizontal conduit.
Levels of resistance: 1467.50, 1480.00, 1490.00;
Support levels: 1460.00, 1455.00, 1450.00.
The main scenario - consolidation in the horizontal channel 1460.00-1467.50.
Alternative - the breakdown of support at 1460.00 and decline to 1455.00.
Fundamental background - neutral. Within days, you can consider buying and selling tool from 1460.00-1467.50 range.
Gold and forex analyst forecast today FORTFS