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Gold remains steady ahead of US GDP and FOMC

SquaredFinancial

Fundamental Highlights

Gold ended yesterday’s session little changed, holding above the $1700 level while the greenback lost ground as investors await on any forward guidance (mostly regarding the pace of bond purchases and yield curve control) from the U.S. Federal Reserve’s policy statement due later in the day along with Q1 GDP figure.
CB Consumer Confidence data reported yesterday came in at 86.9 vs a a forecast of 87.9 and a previous of 120

Technical Analysis

Higher prints favored on the yellow metal as it holds above the 200 period SMA and the $1700 level
An hourly close above 1718 will boost bullish momentum with higher resistance levels as targets

Support: 1700 / 1684 / 1674/
Resistance: 1718 / 1730 / 1738

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/gold-remains-steady-ahead-of-us-gdp-and-fomc
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