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