Technical
View: Gold
rose on Tuesday as the dollar fell, but remained hemmed into a range at the
start of a two-day U.S. Federal Reserve policy meeting which is being closely
watched for clues on the outlook for U.S. interest rates. The Fed is expected
to keep interest rates unchanged this week, deferring any possible increase
until September or December, as policymakers hold out for more evidence of a
pickup in inflation. U.S. data released on Tuesday was strong, with consumer
confidence steady in July and new single-family home sales at the highest in
nearly 8-1/2 years in June.
S2
|
S1
|
R1
|
R2
|
TREND
|
||
SILVER
|
30700
|
30800
|
30950
|
31020
|
SIDEWAYS
|
Outlook: We expect gold prices to trade negative
on the back of the chance of U.S. monetary policy being tightened before the
end of the year.
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