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FxWirePro: Gold trades flat, all eyes on Fed

Gold is trading in a narrow range between $1525 and $1480. Markets eye US Fed monetary policy for further direction. The yellow metal spiked slightly after the Saudi attack but the overall trend is still bullish and any minor weakness only below $1485 level. It hits an intraday high of $1507 and is currently trading around $1500.99.

 

Markets eye US Fed monetary policy for further direction and the chance of central bank to keep rates unchanged has declined from 51.5% to 43.5%,25 bps rate cut increased from 56.5% from 48% a day ago.  

 

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.  

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