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  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
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Gold Break Out Imminent on FOMC Rate Decision- $1355 Key Support

Gold Break Out Imminent on FOMC Rate Decision- $1355 Key Support

Michael Boutros, Strategist
Gold_Break_Out_Imminent_on_FOMC_Rate_Decision_body_Picture_1.png, Gold Break Out Imminent on FOMC Rate Decision- $1355 Key Support

Gold Break Out Imminent on FOMC Rate Decision- $1355 Key Support

Fundamental Forecast for Gold: Neutral

Gold crept higher this week with the precious metal posting a modest advance of just 0.36% to trade at $1387 at the close of trade in New York on Friday. Bullion price action has remained rather subdued despite the wide spread volatility seen in FX and broader equity markets with prices continuing to hold steadily below the $1400-threshold. All eyes now turn to key event risk next week as prices continue to coil into a clearly defined range.

Looking ahead to next week investor focus remains fixated on the FOMC policy decision on Wednesday. This time around we get the updated quarterly projections from the committee on inflation, growth, and the interest rate. For weeks the markets have been roiled by the notion that the Fed may begin to taper its QE operations during the summer and market participants will be lending a keen ear to Bernanke’s subsequent press conference for further clarity on where the committee stands. Regardless, the event may be just the catalyst needed to get the gold trade back on track with a break of a multi-month consolidation pattern likely to offer further clarity on gold’s current positioning.

From a technical standpoint gold has continued to trade into the apex of a wedge formation dating back to the April lows with a break next week likely to offer further conviction on a near-term directional bias. A break below interim support at $1356 opens up targets at $1340, $1331 and $1307 while a breach above the monthly high at $1423 eyes a key resistance range between $1430- $1440. Only a break above this mark invalidates our broader directional bias with such a scenario eyeing subsequent targets at the 100% extension taken off the May lows at $1451 and t$1470. –MB

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