GOLD Price Holds Steady Ahead of Fed's Decision Amid Geo...

GOLD Price Holds Steady Ahead of Fed's Decision Amid Geopolitical Tensions

In the early European session on Wednesday, the GOLD price continues to trade sideways, hovering near a one-week low reached on Monday. Despite geopolitical risks from ongoing conflicts such as the Russia-Ukraine war and tensions in the Middle East, the market remains cautious as traders await the Federal Reserve's (Fed) monetary policy decision.

The Fed is expected to maintain the policy rate unchanged at 5.25%-5.5%. However, the focus will be on the revised Summary of Economic Projections (SEP) and the dot plot, which could offer insights into potential policy adjustments and interest rate outlook.

The current geopolitical uncertainties have provided some support to GOLD prices, preventing a significant downside. However, traders remain hesitant to take directional positions until more clarity emerges regarding the Fed's stance on rate cuts.

Considering these factors, we anticipate a possible bullish impulse for EUR/GBP and GOLD pairs. Nonetheless, caution is advised ahead of the crucial FOMC monetary policy decision later in the US session.

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