During the FOMC meeting, the commodity currencies hammered against the greenback, gold made a high at $1,141.00 levels. The global slowdown factor has been a big concern on industrial metals.
After the FOMC outcome, starting from the Monday the dollar bulls awaken erased most of the losses taken place on Friday. The metal has been moving lower for 3 consecutive days manage to hold the 20Dsma at yesterday’s session and today in Asia’s session. The 20dsma finds at $1,121.00 and 50Dsma finds at $1,116.00.
Fed’s Lockhart: Fed to raise interest rates during the year identity of views. We do not want the Fed to raise interest rates fluctuated irregularly. Feeling point Fed rate hike is already very close.
Lockhart: nothing can stop the Federal Reserve to raise interest rates in December this year, the market was light at the end of the Fed’s December rate hike is not an obstacle.
The world’s largest gold ETF – SPDR Gold Trust holdings increased 0.18% compared to the previous day to 675.80 tons.
Citigroup: “It is difficult to measure the” commodity prices have bottomed out, 2016 WTI oil price of US $ 48 / barrel, ICE cloth oil at $ 52 / barrel, the price of gold is expected in 2016 to $ 1,060 / bbl, LME copper price was $ 5,925 / ton.
Today US flash manufacturing PMI due, US core durable goods, unemployment claims and FED Chairwoman Yellen speech on Thursday and Final GDP on a quarterly basis due on Friday.
In the hourly chart, the metal shifted the pattern to lower high and lower low.
Support: $1,121.00 $1,119.00 and $1,116.00
Resistance: $1,127.00, $1,130.00 and $1,133.00
The hourly momentum indicators are in oversold zone, fresh selling opens only below $1,121.00 but real selling pressure builds below $1,119.00 and panic likely to be below $1,114.00
Buying available above $1,133.00, safe buying available above $1,137.00
A daily close below $1,114.00 the bears aim at $1,110.00, $1,100.00 and $1,097.00 levels.