Gold markets traded back and forth during the session Tuesday hanging about the $1500 mark the bottom of the consolidation range, as the 50-Day EMA is there where buyers are clustered.
Gold Technical Analysis Video 18.09.19
That does not mean a direct move North right away, but rather there is interest in this market, as it has been so Bullish lately.
This market will react to the Fed during the trading session Wednesday, so the movement may muted until the interest rate decision and the statement after 2:30p ET.
It is hard to imagine that the market will move much, unless of course it has something to do with the risk appetite around the world due to something along the lines of the Middle East situation with Saudi Arabia and Iran.
So, we expect the market to be quiet until the Fed’s announcement, and then it should pick up, as gold is so sensitive to what the central banks do.
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