While waiting for the Fed .. Is there another collapse? by Investing.com

Written by Gina Lee

Investing.com – It fell in Asian trading on Monday morning, hitting its lowest level in more than five weeks. Meanwhile, consolidate while investors wait

It also fell 0.31% to $ 1,746.05 at 12:14 p.m. ET (4:14 a.m. GMT), after hitting $ 1,741.8, its lowest since Aug. 12, earlier in the session. . The dollar, which generally moves upside down with gold, rose on Monday.

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All eyes are on whether the Fed will announce the start of the reduction in asset purchases when it makes its policy decision on Wednesday. The central bank is also expected to release new economic forecasts and a new reading of officials’ expectations for rate hikes.

While Stephen Innes, managing partner of SBI Asset Management, told Reuters that investors are starting to believe that the announcement of reduced asset purchases could be imminent and that there could be a shocking surprise in the dot graph.

He added: “It really looks like the markets have turned completely bearish for gold, with critical support levels including $ 1,780 and $ 1,750, and I think that opens up for a test of the 1,700 level. $. “

Other central banks including those of Japan, UK, Switzerland, Sweden, Norway, Indonesia, Philippines, Taiwan, Brazil, South Africa, Turkey and Hungary will publish their political decisions throughout the week.

As for other precious metals news, it fell 1.2% to $ 22.13 an ounce, after hitting its lowest level since November 2020 at $ 22.01. Platinum fell to its lowest level in ten months at $ 907.50, last falling 2.8%, while falling 3.5%.

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