Gold Price Forecast: XAU/USD holds steady above $1,960, looks to FOMC for fresh impetus – by hareshmenghani Gold Commodities Fed Recession XAUUSD
over a one-week low. The XAU/USD currently trades just above the $1,960 level, down 0.10% for the day, as traders keenly await the outcome of the highly-anticipated Federal Open Market Committee meeting before placing fresh directional bets.The Federal Reserve is scheduled to announce its decision later this Wednesday and is widely expected to hike interest rates by 25 basis points .
On the flip side, the $1,977-$1,978 area is likely to act as an immediate barrier. This is followed by the monthly peak, around the $1,987-$1,988 region set last week, above which the Gold price could aim to reclaim the $2,000 psychological mark. The upward trajectory could get extended further towards the next relevant hurdle near the $2,010-$2,012 supply zone.
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