Gold Price Is up Ahead the Fed 2-day meeting
Gold price is trading positive on Tuesday as investors are expecting a rate cut by the Fed on Wednesday. Also, they are digesting Trump last tweet blaming ECB Draghi’s stance on Euro.
The investing market is watching the Federal Reserve 2-day meeting closely as the primary catalyst for movements. Equities are trading higher, dollar is up on the day, and the yellow metal is also posting gains.
- Gold is trading positive on Tuesday as the unit is extending its recovery from the 1,333 low reached on Monday. It is now pricing at 1,350, just ahead of its 2-month highs at 1,358 traded yesterday.
- Silver is advancing on Tuesday after two negative sessions that drove the unit from 15.12 on June 14 to trade at 14.78 on Monday.
- Copper broke the 20-day moving average on Tuesday to perform its second day of gains in a row.
- Palladium finally broke the 1,467 level on Tuesday with the unit jumping near to 2% to price as high as 1,490.
Palladium is now facing the 1,500 area as the next resistance, then, 1,570. Above there, all-time highs at 1,615 will be exposed. So, expect more to come. Palladium is now testing the 20-day moving average at 805.00. However, technical studies don’t give many hopes for an upside movement. Time will say.