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News // Metal market

Gold steady ahead of Fed move

26 October 2010 , 11:06Reuters1929

After the Group of 20 meeting produced little firm policy initiatives, investors resumed selling off the dollar, which resulted in the greenback sinking to a 15-year low against the yen on Monday. The dollar was steady on Tuesday.

Spot gold was up $1.6 at $1,339.57 an ounce by 0336 GMT, extending gains from the previous session and moving in a narrow range of $5. U.S. gold futures remained almost unchanged at $1,340.

"People are waiting for next week's Fed meeting to see how much money they are going to pump into the market," said Ronald Leung, a physical dealer at Lee Cheong Gold Dealers.

"There is buying interest at the lower end, below $1,325. At the current price level, there is not much physical buying. Why would they buy now? They've seen lower levels."

Technical analysis showed that spot gold may have completed its first leg of rebound at $1,349.20 an ounce and would retrace to $1,328 to develop a wave "b", followed by a second leg of a wave "c" rebound, according to Wang Tao, a Reuters market analyst.

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