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Gold rises towards $ 1170 in Asia, Fed in focus

FXStreet (Mumbai) - Gold prices edge higher in Asia, keeping its upbeat momentum intact for the third consecutive session, as bulls cheer the high possibility of today’s Fed meeting turning out to be a non-event.

Gold eyes hourly 200-SMA

Currently, gold trades 0.23% higher at fresh session highs of 1168.80, well supported at 5-DMA located near 1165.50 levels. Gold extends its range-trade and consolidates to the upside as the latest series of weak US macro data boosted the bullion at the expense of the greenback.

Moreover, markets have almost priced-out Oct rate hike chances, citing weaker US fundamentals and a stronger US dollar as the key reasons that will keep the Fed on-hold, supporting the upside in the non-interest bearing gold.

Meanwhile, gold traders will closely eye the FOMC statement for any hint on the timing of the interest rates hike. The Fed outcome will set a clear tone for further direction on the bullion.

Gold Technical Levels

The metal has an immediate resistance at 1170/1170.84 (Oct 26 High + hourly 200-SMA) and 1172.04 (daily R3). Meanwhile, support stands at 1165.30 (Today’s Low) below which doors could open for 1160.54 (200-DMA).

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