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Gold prices are constrained in a narrow range at the prospect of the FOMC meeting results

During the Tuesday Asian session gold prices were maintained in the green zone, (at the level of + 0.12%). Prices continue to be supported by risks associated with US-China trade negotiations. Investors anticipate the introduction of possible new trade duties by the United States on the 15th of December. Recently, a White House adviser Jared Kushner stated that Trump has not yet made a final decision regarding this issue. The Wall Street Journal reports on the upcoming bill banning the use of public funds to buy Chinese buses and wagons has also received a negative market perception. The bill could potentially harm Sino-American trade negotiations.

Two-day FOMC meeting, which begins today, is also constraining the market. The Head of the FRS final statement may have a very strong impact on the dynamics of the USD and gold prices movement. Therefore, today we should expect a continuation of trading in a limited horizontal range.

Regarding the chart, we expect a consolidation in the range of 1460.00-1467.50. It will be possible to expect a formation of a stronger movement after the price fixation at one of the borders of the flat.

Resistance Levels: 1467.50, 1480.00, 1490.00;

Support Levels: 1460.00, 1455.00, 1450.00.

The main scenario - a consolidation in the horizontal channel of 1460.00-1467.50.

An alternative scenario - a breakdown of support at the level of 1460.00 and a decline towards the level of 1455.00.

The fundamental outlook is neutral. Within a daily framework, we consider buying and selling starting from the borders of the range of 1460.00-1467.50.

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