FXStreet (Mumbai) - Gold prices traded sideways around USD 1119/Oz levels, after having strengthened by more than $10 in the early NY session on Wednesday.
Focus on Fed
The precious metal traders await the FOMC rate decision due later today. Heading into the event, the financial markets paint a contradictory picture. The interest rate futures still point to just 30% probability of a rate hike. Meanwhile, the two-year yield has clocked a 4-year high, indicating a high possibility of a rate hike.
The metal could track the movement in the two-year yield and the USD index ahead of the FOMC event.
Gold Technical Levels
The immediate resistance is located at 1123.50 (Sep 9 high), above which gains could be extended to 1132.90 (Nov 2014 low). On the other side, support is located at 1113.50 (Sep 10 high) and 1100.00 levels.
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