Gold hovers around $2,570 a troy ounce on Wednesday, unchanged on a daily basis as the Federal Reserve’s (Fed) monetary policy announcement looms.
XAU/USD Current price: $2,572.12 The Fed eral Reserve is about to announce its decision on monetary policy. A 25 basis points rate cut has been already priced in, but officials could still surprise markets. XAU/USD turned lower in the near term, the Fed will set the tone. Gold hovers around $2,570 a troy ounce on Wednesday, unchanged on a daily basis as the Fed eral Reserve’s monetary policy announcement looms.
Generally speaking, the more dovish the event, the more will the US Dollar lose against its major rivals, while an unexpected hawkish outcome will likely have a larger impact amid the surprise factor, benefiting the American currency. XAU/USD short-term technical outlook From a technical point of view, the daily chart for XAU/USD shows the risk skews to the upside. The pair holds near an all-time high of $2589.
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