Be Prepared As U.S. FOMC Meeting Minutes May Create $6 – $40 Movement in Gold
U.S. FOMC Meeting Minutes
The most watchful event for the day will be FOMC Meeting Minutes. It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates. These minutes are from the meeting held back in September 2020. During the Sept FOMC Rate Decision event, the opinions of FOMC Members were dissent. As some of the FOMC members voted against the new guidance on interest rates. Market is eager to see how many FOMC members had voted against the new initiative. Therefore, the upcoming FOMC Meeting Minutes might move the markets as per expectations. In addition, traders are keen to know the Fed’ plan to maintain targeted inflation of 2 pct.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold erases previous loss against U.S dollar and touches $1,898 mark in European hours. Today pair made intraday high at $1,898 and low at $1,872 mark. A sustained close above $1,913 requires for the upside rally. On the other side, consistent close below $1,878 will check key supports as well. Key support levels are seen around $1,872, $1,864, $1,857, $$1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,902, $1,908, $1,918, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!