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Gold is aiming for $1,645 as the 75 bps rate hike by the Fed – 21th September 2022

Gold is aiming for $1,645 as the 75 bps rate hike by the Fed – 21th September 2022

Gold is aiming for $1,645 as the 75 bps rate hike by the Fed seems factored in. Looking ahead, despite the anticipated 75 bps hike, the Fed’s prediction of the terminal rate will still control the next leg of the gold price’s decline. As bulls and bears struggle ahead of the crucial Fed policy announcement, the price of gold remains stagnant. As traders hold back $1,660 in anticipation of Wednesday’s European session, the metal stays under pressure close to the yearly low and drops for the second straight day. Gold’s intraday ranges are $1673 to $1654. On an hourly chart, the 55 EMA and 21 EMA both exhibit a downward trend. The price may drop as low as $1654 if the $1662 threshold is breached. The ultimate support is at $1645 . Upside resistance is at $1680. Above this level, gold can see an uptrend.