FxWirePro: Gold Inches Higher As Dollar Weakens ahead of Fed Policy
- Gold inched higher on Wednesday as US dollar was modestly weaker on expectation that Federal Reserve would strike a dovish tone ahead of Federal Reserve policy statement.
- The Fed is expected to hold interest rate unchanged at the meeting, but investors will be keeping a close eye on Feds assessment of US economy.
- The yellow metal bounced on the back of weak dollar and continues to remain bid tone ahead of FOMC statement.
- To the upside, the strong resistance can be seen 1255, a break above this level would expose the commodity towards 1262 levels.
- To the downside immediate support can be seen at 1243, a break below at this level will open the door towards 1234 levels. Support levels: S1-1243, S2-1234, S3-1228 Resistance levels: R1-1250, R2-1255, R3-1262