Gold is trading at $1664.97, 0.07% down since previous close. The sideways trading can be seen in Gold amid strong USD ahead of the outcome of U.S FOMC meeting with a hope of interest rate hike by 75bps & future Fed’s stance which is to be revealed today. The rising inflation concern in U.S & other parts of the world lowered down consumption demand of global commodities. On contrary, the chances of recovering Chinese economic conditions may hint for the revival in commodities on long run; as China is a major consumer of metals. As seen in the chart, the Gold is trading near previous multiple lows which act as a major support level & hence, cautious trading may be adopted for the day.

US100 is trading at 11932.8, 0.21% down since previous day close. The tight range can be seen in US100 on Wednesday as market waits for the result of FOMC monetary decision with a hope of interest rate hike by 75bps in order to tame down the inflation. The surging bond yields & strong US Dollar Index further led to selling pressure in equity markets. On data front, the Building Permits fell to 1.52M from 1.69M in the previous month whereas the Housing Starts rose to 1.58M against the expectation 1.45M. This created mixed trading in U.S markets. As seen in the chart, the index is trading below the short term Moving Averages of period 10 & 20 & also, the RSI line is moving near the lower level 30. Selling bias may be continued to be seen in US100.

GBP/USD is trading at 1.13728, 0.13% down since previous day close. The Sterling Pound is getting weaker since last one month amid multiple global as well as regional factors. The stronger USD on the chances of aggressive rate hike stance by FOMC in today’s meet led selling pressure in other basket of currencies. Besides this, the country’s poor economic growth & the death of Queen Elizabeth-ll created negative sentiments for GBP/USD. The result of U.K’s Public Sector Net Borrowing & CBI Industrial data will remain in focus for the day. As seen in the chart, the GBP/USD is trading near major support of previous lows i.e. almost 2020’s lows. This may act as make or break point on short to medium term basis.