Gold is testing the top of the daily range. It's up $15 to $3649 today and perked up following the softer UMich consumer sentiment data.
The precious metal is consolidating now after reaching $3675 on Tuesday in a spike higher. It's likely to continue sideways until Wednesday's FOMC decision. A dovish bent from the Fed chair would be a green light for the gold bulls to take it another leg higher. I don't think we'd need to see a surprise 50 bps cut but if Powell validates employment concerns and downplays inflation then it could continue the surge.
Techncially, Tuesday's high and overbought conditions are the only thing standing in the way of further gains and beyond that it will be big round figures like $3750 and $4000 offering up resistance.
On the geopolitical side, the US appears to be trying to ramp up pressure on Russia to enter talks on Ukraine peace. That presents two-sided risks as harsher Russian sanctions or reserve confiscation could strengthen the case for gold, while a peace deal would weaken it. My sense is that Trump has played his best cards in terms of diplomacy but Russia isn't interested and feels it has the upper hand in the war.
This article was written by Adam Button at investinglive.com.Hence then, the article about gold rises 15 and eyes the weekly high 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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