The precious metal closed in the green for the second consecutive day. However, price action remains subdued within the range from last Thursday. The Fed meeting is due to start later today and will conclude with the release of the monetary policy statement tomorrow. Investors have fully discounted a quarter-point rate cut at this week’s meeting.
XAUUSD to Hold Steady into Tomorrow’s Fed Meeting
The recent gain in XAUUSD is likely to see prices turning flat in the near term. Besides the Fed meeting, the US and China trade talks also weigh on the markets. Gold has been consolidating within the resistance area of 1431–1428 and the minor rising trend line. A breakout in the near term is likely. Watch for gold to test the 1440 handle in the near term.
