Buyers made a play in a breakout of the consolidation range since the end of May, pushing price above $3,500. Since then, the upside momentum has stalled a little last week as we await the Fed this week. And in the run up to the FOMC meeting, we are likely to see more waiting and meandering in prices around the top of the range here.
But even if the Fed does try and keep markets guessing on October and December, the bigger picture for gold is largely supportive. And amid any technical corrections or pullbacks, the play is still very much to be buying on dips.
With US economic data softening and the dollar still facing an identity crisis amid the policy incoherence from the US administration, there's still strong conviction to be staying long in gold especially with central banks globally also continuing to step up purchases in the precious metal.
This article was written by Justin Low at investinglive.com.Hence then, the article about gold stays poised in waiting on the fed this week was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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