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GOLD: Intraday Analysis & Setup update

Gold prices held near a four-week low on Wednesday ahead of a U.S. Federal Reserve policy decision that could shed more light on the central bank’s rate trajectory following hot U.S. economic data in the recent weeks. “Gold was unwinding overbought conditions and is now oversold so it’s likely that there is some technical bargain hunting appearing,” said StoneX analyst Rhona O’Connell who expected a near-term consolidation in prices.

Focus is now on the U.S. central bank’s policy decision due at 1800 GMT followed by remarks from Chair Jerome Powell. The Fed is expected to hold its benchmark interest rate steady at 5.25% to 5.5%.

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