After surging to fresh 10 day highs at $1288.57 per ounce on Friday on the back of a weaker Dollar, prices of the yellow metal slipped during today's early session as market awaits the outcome of the next FOMC meeting. The Fed will conclude its two-days meeting on Wednesday amid expectations that interest rates will remain on hold. The meeting is coming after official data showed on Friday that the US economy grew fast than expected in the first quarter. The Fed indicated at its March meeting that it will hold off from hiking rates for the rest of the year amid expectations for a slower pace of economic growth. Meanwhile, Sino-US trade headlines remained in focus as US sends a high-level delegation to Beijing this week for more talks.
With its march towards the 1300 level, The price of an ounce of Gold printed a 10-day fresh high at $1288.57 before slipping this morning to retreat from the overbought zone. The price is currently hovering around the $1284 level and but the momentum is still in the the bullish territory. We will be keep focusing on the upside and the next level we will be focusing on a settlement above the $1288.35 resistance level.
Support: 1282.19/ 1280.11
Resistance: 1285.35/ 1288.35