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Gold wavers as investors await FOMC decision

FXStreet (Mumbai) - Gold prices erased gains in Asia to hit a session only to recover losses to trade largely unchanged on the day in the US session as investors await the Wednesday’s FOMC rate decision.

Trades around hourly 50-MA

Prices currently hover around the hourly 50-MA at USD 1073.15. The metal recovered from the low of USD 1065.30 levels as the USD index trimmed gains from the high of 97.99 to trade around 97.80 levels. Meanwhile, the losses in the European equities also appear to have supported the safe haven metal.

Ahead in the day, the metal is likely to track the movement in the USD index and the action on the Wall Street.

Gold Technical Levels

The immediate resistance is seen at 1079.67 (Friday’s high), above which the gains could be extended to 1085.40 (Dec 9 high). On the other hand, a break below 1062.20 (Friday’s low) would open doors for a drop to 1052.20 (Nov 27 low).

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The sell-off in the GBP/USD pair appears to have stalled around 1.5113 (23.6% of 1.5819-1.4895) in the early US session.
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EUR/USD remains limited below 1.1000

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