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"The FOMC statement was deemed by gold market traders to be slightly bullish, judging from the modest gains seen right after the statement was released."
- Kitco (based on MarketWatch)
Pair's Outlook
On Tuesday, the price of Gold was very volatile. During some points of time the bullion managed to climb even above the weekly pivot point, which is located at $1,215. However, fundamental factors pushed it back to trade lower, which resulted in the closure just above the weekly S1 at $1,197. As daily technical studies support the sideways movement, we would suggest Gold to hover around $1,200 in the nearest future.
Traders' Sentiment
Distribution between opened positions for buying or selling Gold is staying almost unchanged for a third consecutive day. At the moment 75% of SWFX market participants are betting on the upside movement.
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