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Gold Prices Look to Fed Policy Meeting for Range Break Catalyst

Gold Prices Look to Fed Policy Meeting for Range Break Catalyst

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices remain stuck in choppy range, eyeing Fed policy decision
  • Crude oil prices hit 2-month high after OPEC withholds output boost
  • API inventory flow report on tap as lead-in for official EIA statistics

Gold prices continued to echo swings in the US Dollar, with an inconclusive Monday session for the latter echoed in the former. On balance, lasting direction may not emerge until after Wednesday’s FOMC monetary policy announcement. In shaping the outlook for prevailing yields and the greenback, it will speak directly to the relative appeal of non-interest-bearing and anti-fiat assets epitomized by the yellow metal.

CRUDE OIL PRICES EYE API INVENTORY FLOW DATA

Meanwhile, crude oil prices rose to a two-month high after OPEC and its top-producing allies (the so-called OPEC+ grouping) opted against boosting output at a meeting over the weekend. API inventory flow data is now in focus. It will be judged against forecasts calling for a modest 741.9k draw to be reported in official EIA numbers Wednesday. A larger outflow may boost prices while a smaller one pressures them lower.

Learn what other traders’ gold buy/sell decisions say about the price trend!

GOLD TECHNICAL ANALYSIS

Gold prices remain confined to a choppy range below the August 28 high at 1214.30. A daily close above that and falling trend resistance at 1220.00 targets opens the door for another challenge of the 1235.24-41.64 area. Alternatively, a break below the range floor at 1183.28 – marked by the August 24 low– targets the swing bottom at 1160.37.

Gold Prices Look to Fed Policy Meeting for Range Break Catalyst

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are set to test resistance marked by a chart inflection point at 72.88. A daily close above this barrier opens the door to challenge a defining threshold in the 75.00-77.31 area. Alternatively, a turn back below the 70.15-41 zone exposes rising trend support in the 65.81-67.67 region.

Gold Prices Look to Fed Policy Meeting for Range Break Catalyst

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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