Metals wake up ahead of Fed’s decision

Precious metals rose notably on Tuesday, and it looks like their medium-term bearish trends might be over for now as fundamentals still point to further upside.On Wednesday, silver was up 1.7%, trading at around 24.90 USD, while gold advanced 0.4% to change hands near the 1,860 USD level. 

Later in the day, the FOMC meeting will conclude. Investors are hoping for more easing and more stimulus as the fiscal aid has not come at all, while the economic situation is getting worse due to more COVID restrictions.

Traders continue to sell the USD, and the EURUSD pair just posted fresh cycle highs as it broke above the 1.22 handle. The USDJPY pair was also under pressure and dropped toward the 103 level.

Meanwhile, Italy announced plans to impose new restrictions during the holiday season to try and avoid a third wave of the coronavirus. However, it looks like many EU countries are having a tough time enforcing new restrictions as people do not comply with them. 

Equities continued their surge today, with EU indices up 1% and US benchmarks were also notably stronger during the London session.

Source: https://www.axiory.com/market-news/metals-wake-up-ahead-of-fed-s-decision