FxWirePro: Gold Inches Higher As Dollar Weakens ahead of Fed Policy

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
  

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