Gold stays comatose even though USD index dropped

FXStreet (Mumbai) - Gold prices stay comatose even though the USD index weakened in Europe as the metal traders await the FOMC rate decision due tomorrow.

Offered at USD 1066/Oz

Prices turned lower from the high of USD 1066/Oz levels as investors await the Fed decision. The market stands divided on the size of the liftoff and the expectations could be influenced by the monthly US CPI data due later today.

Meanwhile, the USD index fell 0.34% to trade below 97.50, but failed to support the yellow metal. The uptick is not helping the metal either.

Gold Technical Levels

The immediate resistance is seen at 1069 (hourly 50-MA), above which the gains could be extended to 1079.67 (Friday’s high). On the other hand, a break below 1058.77 (previous day’s low) would open doors for a drop to 1052.20 (Nov 27 low).

Dec 15, 2015

Switzerland Producer and Import Prices (YoY) rose from previous -6.6% to -5.5% in November

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Dec 15, 2015

RBA minutes: Growth will strengthen when impact of mining boom ebbs

Minutes of Reserve Bank of Australia’s December 1st meeting when it had held rates steady at 2 per cent was released today. The RBA sees GDP growth at 2.5 per cent in 2015/16, 2.75 per cent in 2016/17, 3.0 per cent through to 2018/19. In the transcript the central bank highlighted that the domestic economy is strengthening and the outlook for retail sales improved. The minutes noted there is spare capacity in the economy. It however said that the economy is still in that phase where the impact of the mining boom is still subsiding. When this impact ebbs output growth will “strengthen gradually over the next two years”. The Board, the minutes stated will assess the outlook from time to time and judge if the current state of monetary policy is most effective for sustaining growth.

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