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  • Gold advances ahead of Fed statement



    by icn.com

    Precious-Gold advanced on Wednesday ahead of a Fed two-day meeting outcome, amid expectations policymakers would continue with their non-standard measures. 

    Gold rebounded after dropping on Tuesday from five-week high to trade around 1353.83 an ounce yet it remained capped by resistance at $1360 levels, while it found support at $1341.69 as this level represents Daily SMA 50.

    Expectations are in favor of seeing extension to the Fed’s $85 billion monthly bond purchases until March next year to bolster recovery, which would be affected by the 16-day government shutdown.

    A report released today showed that U.S. private employers added 130,000 jobs this month, after adding a prior 166,000 in September, missing analysts forecast of 150,000 jobs gain.

    Other data signaled that consumer prices soared 0.2 percent last month after gaining 0.1 percent in August, matching projections.

    Policymakers at the Fed will conclude a two-day meeting on Wednesday, where investors will be waiting for hints about the stimulus program and the economy.

    In the FX market, the dollar retreated against a basket of major currencies after advancing for three straight sessions. The dollar index is currently hovering around 79.60 after hitting a peak of 79.75.

    Crude oil for December’s delivery dropped for a second day to $97.32 a barrel after opening at $97.74.


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