U.S. FOMC Meeting Minutes

U.S. FOMC Meeting Minutes

The U.S. will release most awaited FOMC Meeting Minutes around 1800 GMT/2330 IST. This will provide in – depth insights into the economic and financial conditions that influenced the vote on where to set interest rates. Here a strong hint regarding expected interest rates, new Covid – 19 guidelines or latest package to boost up the economy is require to strengthen the U.S. dollar and stocks as well.

Let’s see how gold has reacted during the previous data release:

July 01

May 20

Technical View:

XAU/USD (GOLD): Gold slips back below $2,000 mark. Today pair made intraday high at $2,006 and low at $1,980 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,976, $1,953, $1,922, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $2,008, 2,020, 2,038 and $2,063 marks respectively.

Take a look and do trade wisely!

Good Luck