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FxWirePro: Gold consolidates in a narrow range, markets eye Fed monetary policy
Gold is trading in a narrow range between $1525 and $1480. Markets eye US Fed monetary policy for further direction. The yellow metal has shown a nice recovery of more than $25 after the escalation of geopolitical tension in the Middle East. It hits a high of $1512 and is currently trading around $1506.
Markets eye US Fed monetary policy for further direction and the chance of central bank to keep rates unchanged has jumped sharply from 7.7% to 34.2%, 25 bps rate cut declined from 92.3% 1- a week ago to 65.8%.
On the flip side, major support is around $1475-80 and any violation below will drag the yellow metal till $1460/$1444.
The near term major resistance is around $1525 and any convincing break above will take the yellow metal till $1540/$1555.
It is good to sell on rallies around $1512-14 with SL around $1525 for the TP of $1480.