Gold Volatility Heading Into FOMC, Rate Hike Likely – Sr. Market Strategist | Kitco News

Gold prices remain weak ahead of the much anticipated Federal Open Market Committee (FOMC) decision on Thursday, but one analyst says get ready for the Fed to pull the trigger and gold action to resume. RJO Futures’ senior market strategist, Phil Streible, said the U.S. central bank may be ready to move on rate hikes and investors could see movement in gold. Streible described the recent gold action as ‘muted,’ with buyers and action coming in when gold dipped below $1,100. December gold futures were last quoted down 0.34% at 1,103.90 an ounce on Tuesday. Streible said he expects a tight range to continue for the metal heading into the meeting and then he anticipates volatility to ‘really’ pick up. ‘I think that the range that we are in now is $1,120 on the upside, that’s your key level of resistance and it’s also your 50-day moving average,’ he said. Speaking from the Chicago Mercantile Exchange on Tuesday, Streible said he is leaning a little bit more in favor of the Fed raising rates on Thursday. He added that despite the Fed missing its window of opportunity earlier this year, the central bank may have a chance to raise rates now that markets have stabilized. Kitco News, September 15, 2015.

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews

Categorised as: interesting

Posted by: Deas1970

Comments are disabled on this post

Comments are closed.

Disclaimers – All content here is NOT presented as investment advice; LessThunk is NOT endorsing any website or specific investment by displaying external links.

We may or may-not (coincidentally) hold some quantity of stock or other investment related to any given post, no endorsement is implied in any sense.