Gold drifted higher yesterday in follow through buying from Friday, though found resistance at the trendline broken last week at 1717. Overnight, gold has found support at the previous resistance level at 1707 and is currently trading around 1710.
All eyes are on the FOMC meeting and announcement at 5.30pm UK time tomorrow, where it is expected that the Fed will announce some form of additional economic stimulus, particularly as Operation Twist comes to an end on 31 December.
Any additional quantitative easing will be seen as positive for gold - we may see a run up in price prior to the announcement in anticipation of this.
For our subscribers at www.goldtradingexperts.com, today's video looks at our strategy for our current trade and what we expect over the coming trading sessions.
All eyes are on the FOMC meeting and announcement at 5.30pm UK time tomorrow, where it is expected that the Fed will announce some form of additional economic stimulus, particularly as Operation Twist comes to an end on 31 December.
Any additional quantitative easing will be seen as positive for gold - we may see a run up in price prior to the announcement in anticipation of this.
For our subscribers at www.goldtradingexperts.com, today's video looks at our strategy for our current trade and what we expect over the coming trading sessions.