Gold and dollar ahead of FED minutes

Gold is falling from the key resistance area of $ 1790-1800 an ounce amid strong dollar, although the EURUSD pair is trying to rebound from the 1.1700 level. James Bullard of Fed St. Louis, who is one of the most hawkish members of the Fed and will be a voting member of the FOMC next year, made another comment on the current situation. Bullard believes that inflation will remain high and that tapering and possibly even rate hikes early next year are needed to counteract excessively high inflation.

The Fed's position is rather known, but the minutes may surprise, potentially a bit more dovish than the market expects. In this case, gold price may launch another upward impulse towards the $1790 resistance. However, if the FOMC minutes show that the majority of members want tapering (currently 5 out of 11 members support this idea), then the price of gold could fell sharply.

Large divergence between the dollar and gold. Source: xStation5

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