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Gold falls in anticipation of FOMC meeting

Today in Asia, the price of gold has slightly decreased. Investors are fixing long positions ahead of the announcement of the results of the two-day FOMC meeting.

 

The results of the FOMC meeting will be announced later today. This is the first meeting in 2021. Most experts agree that the regulator will keep the main parameters of monetary policy unchanged and will adhere to a softer tone of statements. Earlier, representatives of the Fed have repeatedly stated the need for further implementation of stimulating monetary policy for a faster recovery of the economy, which has suffered from the COVID-19 pandemic.

 

Investors are also closely following negotiations on a new package of economic stimulus measures. So far, the exact timing of the program is unknown. Senate Majority Leader Chuck Schumer said that a vote on the bill could take place as early as next week. He also noted that the program could be approved without the consent of the Republicans, if required. Recall that the Republican Party does not support the idea of ​​allocating another 1.9 trillion. dollars to help the economy and requires a reduction in funding programs.

 

In addition to the FOMC meeting today in the economic calendar, it is worth paying attention to the publication of the report on orders for durable goods in the United States for December.

 

On the chart, the trades are still held in a wide sideways range 1824.00-1866.50. As part of the flat trend today, we expect a decline in quotations towards the level of 1824.00.

 

  • Resistance levels: 1866.50, 1890.00, 1915.00.

 

  • Support levels: 1824.00, 1810.00, 1780.00.

 

The main scenario is a decline to 1824.00 from current levels.

 

An alternative scenario - growth to 1866.50 and a downward reversal.

 

The current fundamental outlook is neutral. Shorts remain a priority. We are looking for entry points near the level of 1866.50.

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