Gold is sensitive towards economic reports, and analysts now reflect on how it will behave ahead of Wednesday's FOMC meeting.
Jim Wyckoff, Kitco News analyst, expects the yellow metal to continue its choppy and sideways trading ahead of Wednesday’s Fed meeting.
“June Comex gold futures are working on a downtrend on the daily bar chart. And that has encouraged the technical sellers this week to give that price action a little downside bias,” he says adding that he doubts that the Fed is likely to do something next week.
Looking at the Greek crisis, he thinks that there will be a bullish underlying element for the gold market in the coming weeks and months.
