Gold prices remain in a narrow range in the midst of the remaining uncertainty in the US-China trade negotiations as well as the FOMC meeting results anticipation.
According to a few recent media reports, the US trade duties on the PRC's imports might be postponed from the 15th of December to a later date. However, the White House adviser Larry Kudlow refuted this information by saying that a decision on this issue has not yet been made and the probability of duties introduction on December the 15th remains high.
Regarding the FOMC meeting results, the degree of uncertainty is much lower. According to the CME Group, the market is should most definitely expect interest rates to remain unchanged. This decision is actually already included in the price. A moderate influence on the market can only be projected by unexpected comments from the FOMC representatives and the Head of FRS, Jerome Powell.
In addition to the FOMC meeting, US November inflation report is expected to be published today.
Regarding the chart, the previously noted horizontal range of 1460.00-1467.50 remains relevant. Most likely, before the announcement of the FOMC final decision, the price will remain in this range. The further movement will depend on the direction of the price exit from the horizontal channel.
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 the 1460.00-1467.50.
An alternative scenario - a breakdown of support at the level of 1460.00 and a further decline towards 1455.00.
The fundamental outlook is neutral. Within the daily framework, we consider buying and selling starting from the range of 1460.00-1467.50.
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