Here's a quickie from UBS on their gold outlook with the FOMC coming up Wednesday:
On the Federal Open Market Committee:
- The language accompanying this week's FOMC decision is likely to reiterate a 'balanced' risk assessment toward the economic outlook
- Suggesting that the next rate hike could be a decision that's due sometime off in the future rather than something that's imminent
On gold:
- The break of the $1170 technical area shifts the focus to psychological support at $1150, which currently looks vulnerable especially as ETF liquidations persist