Spot gold - The overnight FOMC minutes could probably be taken on the dovish side by markets, as many had expected a much more robust influence from the...

Chris Weston

Pepperstone

Spot gold - The overnight FOMC minutes could probably be taken on the dovish side by markets, as many had expected a much more robust influence from the hawkish contingent of the Fed. Recall the minutes allow the non-voters (many of whom are fairly hawkish) the chance to express a view, where the statement released on the day of the FOMC meeting only expresses the view of voters. Spot gold founds buyers as a result of the minutes and gold bulls will be keen to see a break of the recent range of $1310 to $1330. It seems that after a strong rally through early June gold is consolidating, so an upside break of this range could see $1360 in play. The 200-day moving average at $1310 seems solid support.


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Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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