Gold still capped by $1,214
Gold price continues its one-month consolidation with few signs of a more robust breakthrough in either direction in the daily charts. However, the upcoming FOMC decision could bring a more aggressive price action in the precious metal market, depending on the dollar direction. There is some pick up in dollar demand in the short-term charts, which keeps the metal on the defensive.
Obviously “hawkish” hints by the Fed will drive the yellow metal lower, with the target at $1,185. Currently, the bullion is changing hands below the $1,200 level again, unable to sustain its shallow gains as the downside pressure on the greenback is limited.
Should however investors rush to “sell the fact” after a rate hike, gold could attract a decent buying interest. On the upside, the metal is still capped by the $1,214 figure that prevented prices from a more steady corrective recovery on several occasions since early August. As long as the yellow metal remains below this threshold, downside risks persist.
Obviously “hawkish” hints by the Fed will drive the yellow metal lower, with the target at $1,185. Currently, the bullion is changing hands below the $1,200 level again, unable to sustain its shallow gains as the downside pressure on the greenback is limited.
Should however investors rush to “sell the fact” after a rate hike, gold could attract a decent buying interest. On the upside, the metal is still capped by the $1,214 figure that prevented prices from a more steady corrective recovery on several occasions since early August. As long as the yellow metal remains below this threshold, downside risks persist.
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