| Gold was trading above $1,170 on Wednesday morning in London in the lead-up to tonight’s Federal Open Market Committee’s statement. The spot gold price was last at $1,171.70/1,172 per ounce, up $5.60 on Tuesday’s close. Trade has ranged from $1,165.40 to $1,173.10 so far.
“The gold market looks like it is stalling but may not be ready yet to weaken,” HSBC’s James Steel said. “If gold cannot push convincingly higher soon, recent longs may become disenchanted and liquidate. Although we are price positive long term, in the near term, this could knock gold back below $1,150 quite rapidly.” The Federal Reserve will release a statement after its two-day meeting that may provide an indication of when the US will raise interest rates...............................................Full Article: Source
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