GOLD Completing Its Three Wave Recovery, 1260 Possible Turning Point

Gold made a nice pullback from the highs as expected and we are now looking for reversal signs as this corrective A-B-C may already be over. This corrective structure from the highs can be potentially completing here at 1.260. If we start to move up in impulsive manner we should reach a new high on this metal. As we know after every corrective pullback, a new impulsive structure tends to start.

Gold Steady as Markets Anxiously Await FOMC Rate Statement

Gold is showing limited movement on Wednesday, continuing the trend seen in the Tuesday session. XAU/USD is trading at $1283.95 in the North American session. On the release front, today's highlight is the FOMC rate statement, with the markets expecting the Federal Reserve to maintain the current benchmark rate of 0.25%. Will we see some movement from gold after the Fed announcement? There was positive news out of the US earlier in the day. PPI came in at 0.4%, beating the estimate of 0.3%. As well, the Empire State Manufacturing Index was unexpectedly strong, with a reading of 6.0 points. US Crude Inventories continued to decline, with a reading of -0.9 million.