Gold prices held near two-week highs on Tuesday, ahead of the US Federal Reserve meeting on September 19-20. Spot gold was down 0.1% at $1,930.39 per ounce by 0638 GMT, but hovered near its highest since September 5 hit earlier in the session. US gold futures edged down 0.1% to $1,951.60.The Fed is overwhelmingly expected to keep rates unchanged when it announces its policy decision on WednesdayAccording to Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors, one of the key factors weighing on gold prices is the increasing belief that the US Federal Reserve will implement another interest rate hike by the end of this year.However, the prevailing market consensus suggests that the Fed will maintain interest rates at their current levels during its forthcoming policy meeting, scheduled for September 19-20, added Sachdeva
As of now, gold prices have managed to hold well above the crucial support level of Rs. 58,500 per 10 gms on a closing basis, even in the face of rising greenback. Should this support level hold, gold prices are expected to make a gradual ascent towards the range of Rs.59,500-59,800 per 10 gms in the coming days,” said Sachdeva.Gold continues to trade steady after a recovery seen towards the end of the previous week, as investors continued to price in a pause in interest rate hikes by the Federal Reserve at their policy meeting Fed officials have been giving mixed statements regarding the interest rate expectations however, they agree that inflation concerns still exist and the Fed’s efforts to bring the same down to its target of 2% will continue,” said Navneet Damani,
There is a potential bullish setup occurring in COMEX gold on the weekly chart as well. MCX Gold has ended the week with a bullish hammer candlestick pattern. The short-term charts are now turning strong with the upside potential of Rs.59000 in the coming days. Trades to be initiated on the buy side positionally,” said domestic brokerage firm Religare Broking.According to research by Emkay Wealth Management titled ‘Navigator’, gold will trade in a constrained range in the near term as the US Fed’s fight against inflation has taken on greater prominence in the wake of the Jackson Hole meeting rather than inflation and uncertainty, which may have given Gold an edge,old closing.”
Should you buy Gold
We anticipate that the precious metal will attract buying interest at lower levels. This expectation is rooted in the fact that the US central bank appears to be approaching the end of its aggressive interest rate hiking cycle, a development that is typically supportive of gold prices,” said Sugandha SachdevBuyers are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold October Support 58800/58600 and Resistance 59100/59200,” said Amit Khare, Associate Vice President at GCL BrokingBuyers are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold October Support 58800/58600 and Resistance 59100/59200,” said Amit Khare, Associate Vice President at GCL Broking
Buyers are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold October Support 58800/58600 and Resistance 59100/59200,” said Amit Khare, Associate Vice President at GCL BrokingBuyers are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold October Support 58800/58600 and Resistance 59100/59200,” said Amit Khare, Associate Vice President at GCL BrokingBuyers are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold October said Amit Khare, Associate Vice President at GCL Broking