Gold Shines Ahead of FOMC

Gold is trading above the $1,200 price level at the start of the FOMC meeting in Washington.

The U.S. Federal Reserve is highly anticipated to announce a 25 basis points rate lift on Wednesday.

The move has already been priced in, but gold traders will be on the look out for insights on the economic projections and Chair Jerome Powell’s speech.

Gold has struggled as a safe haven under trade war concerns as investors have flocked to the safety of the US dollar, putting downward pressure on the yellow metal.

A neutral to dovish speech from Chair Powell could boost gold prices, specially if it comes from more mentions of trade turmoil risks.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza