Gold Price Forecast: Bulls hold the grip ahead of FOMC Minutes

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Gold Price Forecast: Bulls hold the grip ahead of FOMC Minutes
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Gold: Market participants await the FOMC Meeting Minutes and hints about monetary policy XAU XAUUSD $XAU $XAUUSD

greenback. The American currency is down against most major rivals, as investors await the latest FOMC Meeting Minutes. The US central bank decided in December to double the monthly bond-buying tapering and hinted at three rate hikes this year amid soaring inflation.

The near term picture is neutral-to-bullish. The 4-hour chart shows that gold accelerated north above its 20 SMA, while the 100 SMA crosses above the 200 SMA, both below the shorter one. The Momentum indicator, however, lacks strength around its 100 level, while the RSI indicator eases within positive levels.View Live Chart for the XAU/USD

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