Gold is slightly declining in anticipation of the decision of the US Federal Reserve

The price of gold is moderately declining in anticipation of the decision of the US Federal Reserve System on the key rate. 

The current price of the August gold futures is $1,715.05 per ounce. During the trading day, the asset declined from the level of $1,726. September silver futures, on the contrary, rose to $18,543 per ounce.

All the attention of the markets this week is focused on the upcoming meeting of the US Federal Reserve (July 26-27). It is expected that the regulator will increase the rate by 75 basis points, to 2.25-2.5% per annum. Some analysts predict a sharper increase – by 100 bps at once, up to 2.5-2.75%. The increase in the indicator may be the fourth in a row.

At the same time, experts note weak support for gold. A number of analysts believe that the technical base for the gold market does not look very encouraging, and gold needs to overcome strong resistance at $1,745 dollars per ounce. Moreover, gold has strong support levels below – $1,680 and $1,675.