Negative Sentiment Ahead of FOMC Statement on Gold

Ahead of FOMC Statement and FOMC Press Conference which will be released at 02.00 and 02:30 pm Thursday morning, the appearance of Gold on all transactions session Tuesday to move in a fairly intense volatility.

Although time to achieve a high level of 1223.30, but rejection buyer-seller successfully thwarted efforts to continue the pace of gold and closed at 1197.05, having previously depressed thin towards the 1187.35 level, thus leaving a gold candle pattern formation inverted hammer; which indicates a decreasing tendency is still strong

Negative sentiment that is still tightly around the Gold and Silver is a perception that has been crystallized among investors and financial markets and commodity traders; that the Federal Reserve is moving closer to the policy of increasing interest rates United States.

Other additional factors weighing on gold trail yesterday, is the sudden news that burst from Moscow that the Russian side will sell its gold reserves. The policy was taken Russia to overcome the economic crisis, after the ruble fell to a record low against the dollar, following the action to boost interest rates by the Central Bank of Russia to the peak level of 16 years in order to restore the confidence of its currency.

On the other hand, determination not to limit the attitude of OPEC production quotas are abundant, in the middle of the acceleration of US crude oil production reached its fastest level in three decades (9.12 million barrels per day), remains a factor of catalyst collapse of crude oil prices.

United Arab Emirates Oil Minister, Suhail al-Mazrouei has insisted that OPEC will maintain the decision (not limiting production quotas), even if the price of crude oil slipped towards $ 40 per barrel

At 22:30 pm tonight, the performance of crude oil will again be tested by vital data, ie USD Crude Oil Inventories with predictions decreased (-2.6 million barrels) of previously abundant as much as 1.5 million barrels

While the consistency of positive US dollar performance will be tested by a qualified data is “very sensitive” ie USD CPI with estimates of 0.2% -0.1% and USD Core CPI forecast from 0.2% to 0.1% which will be published at 20:30 GMT.

If the results are labeled “disappointing”, then the US dollar may see a correction and at the same time, will be a momentum for Gold and Silver for the moment improve the position. Otherwise, the results of the data USD CPI stamped “very good”, then the US dollar will again dominate, and spontaneous tertekan.Namun Gold, Gold and also the fate of the US dollar in the future, will be determined by the results of the FOMC statement and the FOMC Press Conference