Gold On The Rise Before Big Meeting!

Gold On The Rise Before Big Meeting! Gold on the rise before big meeting! The ounce and gram price of gold rose ahead of the Federal Open Market Committee (FOMC) meeting. The intraday volatility increased under Fed Chairman Powell's announcement that they would not act quickly on the rise in interest rates in case of a possible increase in inflation. With this volatility, the price first rose to $ 1,994 and then dropped to $ 1,970. With the ECB President Lagarde's announcement that they were watching the appreciation in the euro last week and that there was no situation to intervene for now, the euro gained momentum again and the dollar indicator regressed. With this development, gold rose to the level of $ 1,966. These developments have caused volatility in gold prices in recent weeks, as well as the US - China tension, the increase in cases in the coronavirus epidemic or the news about vaccination studies. After the peak was seen, the declines in the price trying to establish at the support of $ 1,930 remained limited, while the developments around the world also support the rise. Before the decisions taken at the FOMC (Federal Open Market Committee) meeting to be held tomorrow, the dollar indicator is weak, while gold is trading at the highest level of the last two weeks, rising to $ 1,970. Markets anticipate that this attitude will continue at the FOMC meeting, based on previous statements by US Federal Reserve (Fed) officials. There are statements indicating that incentives should continue to support employment, reduce unemployment, current policies will be maintained for a while and the latest discourses on inflation will be repeated, and euro and gold positive pricing are included before the meeting to be held tomorrow. The US Dollar Index dropped to 92.80 today, while the EUR / USD retested 1.19. It is seen that the volatility has increased slightly due to the term closures at the weekend. Below, there is a resistance of $ 1,983. The price per gram exceeded the resistance of 472 TL, as the USD / TRY rate rose to 7.50 at the moment of the domestic increase below the ounce. The 472 TL resistance, which was tested on September 1, was exceeded today after the movement on September 13, and gram reached its peak today with 475 TL after August 19. The 478 TL- 482 TL resistance zone is important in the price. Exceeding the peak of TL 482 after the highest level on August 7, supports the possibility of a new record.