Gold: Gold rose to a 12-week high , shrugging
off strong stocks with nervous investors moving into safe havens as the U.S.
Federal Reserve began a two-day meeting expected to give clues about the timing
of the next interest rate increase. The Fed is expected to take notice of the
macroeconomic headwinds from China at its meeting, boosting hopes that it may
go easy on increasing interest rates further. It is widely expected to leave
its federal funds rate unchanged at 0.25-0.50 percent. China's net gold imports
for December via main conduit Hong Kong surged to the highest in more than two
years, data showed, as investors lost faith in collapsing stock markets and a
weakening currency and snapped up bullion.
Outlook
: We expect gold prices
to trade positive ahead of Fed meeting. The above is hourly chart of Gold. It
suggests that prices are trading in uptrend. However, it is expected to correct
down before further upside. On the downside, immediate support is located at
26450 levels.
Technical
Outlook :Gold
S2 S1 26250 26350
PIVOT POINT 26387
R1 R2 26500 26750
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