15 Jun 2015
Gold retreats from $1,190
FXStreet (Edinburgh) - Gold prices are advancing after two consecutive sessions in red, with the upside limited around $1,190 so far.
Gold focus on FOMC meeting
Despite today’s recovery in the metal, market participants kept the cautious tone ahead of the 2-day FOMC meeting kicking in tomorrow, with the statement and press conference by Chairwoman J.Yellen expected on Wednesday.
The metal will remain under pressure in light of the Fed gathering, as consensus amongst traders see the chances of the Committee striking a more hawkish tone, thus benefiting the greenback.
Gold relevant levels
Gold is now up 0.64% at $1,186.70 and a breakout of $1,191.80 (high Jun.10) would aim for $1,205 (high Jun.1) and finally $1,225.76 (high May 19). On the flip side, the initial down barrier aligns at $1,168.70 (low Jun.8) followed by $1,162.50 (low Jun. 5) and then $1,159.40 (low Mar.19).
Gold focus on FOMC meeting
Despite today’s recovery in the metal, market participants kept the cautious tone ahead of the 2-day FOMC meeting kicking in tomorrow, with the statement and press conference by Chairwoman J.Yellen expected on Wednesday.
The metal will remain under pressure in light of the Fed gathering, as consensus amongst traders see the chances of the Committee striking a more hawkish tone, thus benefiting the greenback.
Gold relevant levels
Gold is now up 0.64% at $1,186.70 and a breakout of $1,191.80 (high Jun.10) would aim for $1,205 (high Jun.1) and finally $1,225.76 (high May 19). On the flip side, the initial down barrier aligns at $1,168.70 (low Jun.8) followed by $1,162.50 (low Jun. 5) and then $1,159.40 (low Mar.19).