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Gold declines moderately awaiting FOMC meeting outcomes

Gold is slightly declining, awaiting the outcome of the FOMC meeting, which will be held September 17-18.

Gold is very sensitive to changes in the interest rate of the United States, since this has a great influence on the dynamics of the yield curve of government bonds and the dollar in which the yellow metal is nominated. On Monday, 84% of experts forecast interest rate cuts by 0.25%. Today, only 63.5% of experts expect the Fed to cut rates. Other experts expect the main parameters of monetary policy to remain unchanged.

Now the yellow metal is held in the region of $ 1,500 per ounce due to the high demand for protective assets. Major stock indexes yesterday traded in the red zone, due to the aggravation of the situation in the Middle East and a strong increase in oil prices. According to a number of information sources, the United States and Saudi Arabia are now developing a response plan, including military strikes against Iran. This can lead to a serious aggravation of the situation in the region and will further increase the demand for gold and other protective assets.

On the chart, the situation for the day has not changed. The price continues to consolidate in the middle of the range of 1485.00-1523.00 and, most likely, in the coming days, trading will continue to take place within the boundaries of this price channel.

Resistance Levels: 1523.00, 1545.00, 1555.00;

Support Levels: 1485.00, 1455.00, 1430.00.

The main scenario is the range of 1485.00-1523.00.

An alternative scenario is a breakdown of resistance at 1523.00 and an increase to 1555.00.

There is great uncertainty in the market. The price is still in the middle of the horizontal range, therefore, it is worth considering the entry point into the market after the rollback to the mark of 1485.00 or 1523.00.

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