Gold prices declined during Wednesday's dealings as the US dollar rose against other major currencies as investors awaited the federal interest rate decision later in the day. The price of the strongest gold fell to the level of $1302 at the time of writing an apostate from the price of 1310 dollars at the beginning of transactions. The yellow metal stuck at a price of 1300 dollars still supports the chance of its gains. Analysts predict that there will be no change in the US Federal Reserve's monetary policy, but his directives would be monitored forward in addition to President Jerome Powell's remarks at his press conference.
Investors are expecting a weak opportunity to raise the interest rate this year as trade tensions increase between the United States and China. The dollar rose against most of the currencies following conflicting reports on trade talks between the United States and China. There are signs of rift lines in the ongoing trade talks between the United States and China, with the Bloomberg report indicating that China is retreating from US demands in trade negotiations.
On the other hand, an official with the Trump Administration said US trade Representative Robert Lightzer and Treasury Secretary Stephen Menchyn would return to China next week to attend another round of trade talks with Chinese vice-Premier Liu he. On the UK's exit from the European Union, media reports indicate that British Prime Minister Teresa Mae will ask for a brief postponement of preicit in a letter to EU leaders on Thursday, ahead of the EU leaders ' Summit on Thursdays and Fridays.
Top support levels for gold prices today: 1300, 1293, and 1280 respectively.
The most important resistance levels of gold prices today: 1315, 1327 and 1340 respectively.