Spot gold prices are trading moderately lower Wednesday with prices confined to a narrow trading range so far this morning. Spot gold ended Tuesday’s session marginally higher at $1612.35 a troy ounce, as the market continues to trade in a holding pattern ahead of next month’s FOMC meeting, scheduled for Sept 11-12. Spot gold has pared back from highs of around $1618.50 posted during Tuesday’s session, as the USD comes in for some moderate support across FX markets after some recent declines. The underlying bias for gold remains heavily skewed towards the US Federal Reserve finally pulling the QE3 trigger at September’s meeting, although an air of caution should still remain as prices become a little to pre-emptive. Some resistance remains around $1628/30 should a fresh catalyst appear to send gold prices advancing, with plenty of selling interest around that area reported to MNI from various metals desks this morning. The main line of support is seen at $1592, with some medium bids on the approach working around $1598/99.
EasyForexNews Research Team