Gold Index closer to 200DMA ahead of key Fed meeting

As Fed’s November meeting looms, spot gold (XAU/USD) prices trade marginally lower on Tuesday, having gradually ebbed in recent hours from the Asian session’s highs in the mid-$1790s to current levels around $1790.

Gold prices have been undulating either side of the 200 day moving average (currently at $1792.40).
The lack of crystal clear economic data as well as the lack of decision on interest rates up till the present moment suggest that the present trading conditions may continue and that the 200DMA may continue to act as a magnet for the gold’s XAU/USD Index.

Currency, bond and gold markets await to see mode ahead of tomorrow’s Fed policy meeting and Friday’s US labour market report.

The DXY is around the 94.00 level and well within recent ranges and the same can be said for U. S. bond yields, with the nominal 10-year close to 1.55% and the 10-year TIPS close to -1.0%.