Back to Blog

Gold ahead of Fed’s decision: To reverse or not to reverse?

Gold marked a strong pre-Fed breakout on Tuesday, with the precious metal losing 1.3% and clearing the congestion we saw in the past week. With the markets waiting for Fed guidance on taper, we have a top event risk event for gold. At 1.369 at the time of writing, we expect to see a quiet session during Europeans hours. We do not expect the Fed to realise a taper just yet, which would means more need for a USD alternative. In that case, the market could clear Tuesday’s losses and head towards 1400 with key resistance area sitting at 1394. A break above that level would one the door for 1417 and 1441. In the alternative scenario, watch out for key support levels at 1342 and 1318.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit.
Disclaimer
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

Share this post

Back to Blog