Gold price falls flat at USD1317 ahead of FOMC result, but is looking to break USD1325 resistance in view of Elliot Wave analysis. Market is currently anticipating for FOMC, in which FED is expected to make no policy change.

Dear Traders,

Gold price falls flat at USD1317 ahead of Fed meeting. Still, it is technically possible for the precious metal to break USD1325 resistance and reach USD1342 in an effort to finish the end of wave B.

On the chart, Gold may appear to have a slight rise but the price movement is actually restrained in a temporary range as market awaits for the outcome from FOMC. In respect of that matter, FED is surmised to keep interest rate steady. The most recent data showed no significant clue on FED's bias, whether it will be hawkish or dovish. Despite all of these stale circumstances, hike probability for September keeps rising and currently sits at 25.5 percent.

 

Technical Analysis

The H4 chart below brings out one of the possibilities from Elliot Wave analysis to help you make your trading decision today.

Gold



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