Fed impact for bullion

Expectation of 50 bps point hike in interest rate

Traders will now focus on the Fed meeting a day later. A 50 bps point hike in interest rate is expected. The directory made a new multi-month high around the 55000 level. On the daily chart, the momentum indicator, RSI, is trading above the 60 level and the price is trading above the 20 and 60 days EMA, which is positive for the indicator.

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