Gold will Remain Stable Between $1935 —$1874 Amid FOMC Meeting

Gold Forecast for Today: Spot Gold will remain stable between $1935—$1874. We expect prices to remain volatile amid the FOMC meeting today and after the rate hike, gold is expected to trade lower initially and bounce back. 50700 is an immediate support for intraday while resistance lies at 52300.

Gold prices seem to be a part of the broader- corrective phase witnessed across all major commodities. A return of the risk on sentiment, which propelled the US equity markets, has significantly impacted safe haven assets like gold. This sentiment was set in due to the global efforts to get a diplomatic solution to the Russia-Ukraine issue, where political, economical and military pressure tactics are being exerted on Russia.

Additionally, with the FED rate decision slated today, the 25 basis rate hike is well factored in, but it’s the FED chair Jerome Powell’s testimony that will be keenly watched. A hawkish tone could lead to further correction in gold, but an accommodative stance could provide support to the prices. That said, gold prices are under pressure temporarily, as more permanent issues like high inflationary trend  and potential onset of stagflation continue to persist and will outlive the Geopolitical situation. So buying on dips, for a $2000 target in the medium to long term is still on the cards.

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Gold will Remain Stable Between $1935 —$1874 Amid FOMC Meeting via @goldsilverrepor
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