GOLD, October 29. – FOMC in focus today!
To taper or not to taper? FED’s decision is the main event today and what if they don’t taper all the expectetd 15B usd? This is how gold looks today and what are the technical support/resistance levels. For the third day in a row gold is supported at 1225/30 and what could happen today after FED’s decision. On my oppinion, 15B $ taper is allready priced in, but lower tapering could boost gold strongly up. I don’t expect increasing of the Interest Rates from 0,25%. It could be interesting day that’s for sure. This is daily chart and fail brakes are possible on the lines!
– 18:00 h GMT – Fed Interest Rate Decision (Previous 0,25%, Exp. 0,25%)
– 18:00 h GMT – Fed Pace of MBS Purchace Program (Previous $ 5B)
– 18:00 h GMT – Fed Pace of Treasury Purchace Program (Previous $ 10B)
– 18:00 h GMT – Fed’s Monetary Policy Statement
Like I pointed here at my analysis, after 1225 level was broken, gold didn’t manage to get back. Bears hold the line exactly at 1225 and push gold down to 1212 after FED decision. There was no surprices in FED decisions, but market react wildly and strongly bullish on USD!
Mario, today is october 29. But no 1929 year 🙂
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It’s not Tuesday as well, hahah. 🙂 Black one!
Is this brake on gold now, fell to 1221 with no reason?
Stock markets are stronger and covering sharp losses from the previous weeks, that’s why gold is weak. This is important level at 1220, support from October 15. and 28., but everything is possible here today.
Congratulation on your new blog Mario, looks great. I hope to see more analysis now! 🙂
Thanks my friend, sure there will be more analysis and covering here on the blog. Welcome! 😉