Gold Price Today, 14 Dec 2022- Prices higher as dollar softens, traders await Fed rate hike decision

Gold Price Today, 14 Dec 2022: Prices higher as dollar softens, traders await Fed rate hike decision

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was positive on Wednesday as traders await rate hike decision from the US Fed, while silver rate was up 0.36%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,848 per 10 grams, up Rs 105 or 0.19%. Silver March futures were trading Rs 245 higher at Rs 69,020 per kg on MCX topping the 69,000 level. Globally, the yellow metal traded flat as investors remained cautious ahead of the US Fed’s rate hike decision though US CPI inflation was lower than expected. Spot gold was little changed at $1,809.35 per ounce. US gold futures were down 0.2% at $1,821.10.Deveya Gaglani, Research Analyst, Axis Securities

Gold prices opened with an upward gap in the last session and remained in the positive terrain throughout the day. Prices on the daily chart have given a breakout in the last session after CPI data. The hot inflation cooled down. The data print came at 7.1% y/y against the forecast of 7.8% y/y. Traders will now focus on the Fed meeting due later in the day. The expectation is to hike the interest rate by 50 bps points. Prices made a new multi-month high of 55000 level. On the daily chart, the momentum indicator, RSI, is trading above 60 levels and the price is trading above 20 and 60 days EMA, which is positive for prices. It has formed a large bullish candle and has closed above the previous session high, which indicates the trend is strong. Any correction down to 54600 is a good opportunity to buy Gold for the target of 54900 on an intraday basis.