Gold Price News and Forecast: Gold to test $2000 on dovish Fed's economic projections and dot plot


Gold Price Analysis: XAU/USD gaining strength around $1,965 ahead of critical Fed meeting

Update: Gold has been consolidating its recent gains and trades around $1,965 as tension mounts ahead of the all important decision by the Federal Reserve. Willingness to allow inflation to overheat has already supported XAU/USD – and details about this would work could further push the precious metal higher. Preview: How the Fed could drown markets while trying not to rock the boat. Read Moor...

XAUUSD

Gold to test $2000 on dovish Fed's economic projections and dot plot

Gold (XAU/USD) has regained the bids above $1950 on Wednesday, having settled Tuesday a tad lower at $1954. XAU/USD looks north but Fed's forward guidance, due later on Wednesday at 18:00 GMT, holds the key. Dovish expectations are set to keep the USD on the back foot, which benefits the yellow metal, FXStreet's Dhwani Mehta reports.

Key quotes: "The Fed is unlikely to make any changes to its monetary policy settings but could formally announce the adoption of the average inflation targeting (AIT) framework. The key focus will be on the central bank's long-term projections and dot plot chart which is expected to read dovish, as the economy continues to battle out the coronavirus blow. Dovish and uncertain Fed outcome could trigger a fresh sell-off in the US currency, benefitting gold." Read Moor...

Gold Price Analysis: XAU/USD steadily moves back to $1970 area, focus remains on FOMC

Gold edged higher through the early European session and was last seen trading near the top end of its daily range, just below the $1970 level.

The precious metal managed to regain some positive traction on Wednesday and inched back closer to two-week tops set in the previous session. A softer tone surrounding the US dollar was seen as one of the key factors that benefitted the dollar-denominated commodity.

Adding to this, expectations of a dovish Fed and a modest slide in the US Treasury bond yields further drove some flows towards the non-yielding yellow metal. However, the prevalent risk-on sentiment could undermine the precious metal's safe-haven demand and cap the upside. Read Moor...

XAU/USD

Overview
Today last price 1963.34
Today Daily Change 9.11
Today Daily Change % 0.47
Today daily open 1954.23
 
Trends
Daily SMA20 1943.52
Daily SMA50 1926.25
Daily SMA100 1828.95
Daily SMA200 1707.49
 
Levels
Previous Daily High 1972.23
Previous Daily Low 1948.48
Previous Weekly High 1966.54
Previous Weekly Low 1906.62
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1957.55
Daily Fibonacci 61.8% 1963.16
Daily Pivot Point S1 1944.4
Daily Pivot Point S2 1934.56
Daily Pivot Point S3 1920.65
Daily Pivot Point R1 1968.15
Daily Pivot Point R2 1982.06
Daily Pivot Point R3 1991.9

 

 

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