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Gold Lost Its Shine

Gold prices are under pressure since Monday and continues to fall as investors are now waiting for the outcome of the Federal Reserve policy meeting and statement regarding its pace of tapering in bond buying program. Fed is expected to reduce its monthly bond buying program to $55 billion from the current $65 billion. The bank is also expected to change its threshold unemployment rate 6.5% so that it can keep its fund rate near zero until 2015. Gold also lost its shine after the Ukraine tension seems fading out. Russian president Vladimir Putin said that Russia’s moves in Ukraine would be limited and it is not seeking any partition of Ukraine.

On the hourly chart the pair seems like trading within a downward sloping channel trend.