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Published on 1/02/2018 10:19:58 AM | Source: Enrich Commodities India Pvt Ltd

Gold daily chart has formed `Ascending broadening wedge` pattern - Enrich

GOLD

Gold prices eased from session highs on Wednesday after the dollar cut some of its losses ahead of the Federal Reserve’s monetary policy position

The central bank is widely expected to keep interest rates unchanged at 1.5%, investors will focus on the Fed’s language in its policy statement concerning inflation and economic growth for clues on future monetary policy.

During the December meeting, the Federal Reserve said that it expects that economic conditions “warrant gradual increases,” in the federal funds rate, and added that inflation declined in 2017 and was running below 2%.

Technical outlook

Gold daily chart has formed "Ascending broadening wedge” pattern. The last session seems bullish in trend after retesting the channel’s support slope line. As per the technical aspects of the indicator shown in the technical chart, a long-term bullish momentum is indicated in the upcoming session as the 50-day moving average crossovers the 100-day moving average. The upside rally could test $1355-1365(30240- 30490) levels in upcoming weeks. Alternatively, if the market breaks below the support level at $1335(29740), then sellers might take control over the same. Resistance holds at $1365(30490).

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