Gold prices moved little in morning, steadying from recent volatility as markets looked to the Federal Reserve for more cues on interest rate cuts in 2024. Gold prices remained well below record highs hit earlier in March. But they also appeared to have found support around the $2,150 an ounce level. Metal markets were now focused squarely on the conclusion of a Fed meeting later on Wednesday, where the central bank is widely expected to keep interest rates on hold.
But any signals on its plans to cut interest rates in 2024 are expected to drive the next leg of movement for gold. In particular focus will be a press conference with Fed Chair Jerome Powell after the meeting.
Spot gold hovered around $2,159.19 an ounce, while gold futures expiring in April rose 0.1% to $2,162.15 an ounce by 00:37 ET (04:37 GMT).
CURRENTLY GOLD IS MOVING ON DOWN TREND
Expecting correction up to 2159.30
Today’s important levels for trading are 2164.31, 2155.68, 2148.61 and 2139.98
Trading Strategy for today: Sell On Rise
Trade setup:
Pullback Sell around 2159.20 Higher Sell around 2163.50
Safe swing sell below 2147.50
Safe swing buy above 2167.50
Important Event :
🔴 Federal Funds Rate,
🔴 FOMC Economic Projections,
🔴 FOMC Statement and
🔴 FOMC Press Conference