Gold Steadies Above $4,000 After Hitting One-Week Low; FOMC in Focus
Spot gold consolidates near a two-week low, holding above the $4,000 mark as a softer dollar lends support. Traders are focused on the upcoming FOMC decision.
Gold (XAU/USD) entered a bearish consolidation phase on Wednesday after sliding to a more than one-week low during the Asian session. Prices managed to stay above the $4,000 psychological level, drawing some support from a modestly softer tone in the US Dollar.
Market participants remain cautious ahead of the Federal Reserve’s policy decision. The greenback’s mild pullback has helped cap losses in the precious metal, though upside momentum remains limited.
Further direction hinges on the FOMC statement and any forward guidance that could sway the dollar and interest rate expectations.
Source: FXStreet Forex News