By FX Empire.com
Gold prices gained on Wednesday, as the U.S. dollar fell against major currencies after the ADP employment change report showed the U.S. private sector added 110,000 jobs in October, above median estimates of 100K jobs, which spread optimism in markets and put negative pressure on the U.S. dollar, which provided gold with bullish momentum.
The FOMC left the benchmark interest rates unchanged as they finished a two-day meeting on Wednesday, where the FOMC also left the current monetary policy unchanged in line with median estimates.
The outlook for gold remains generally to the upside, however, we still expect volatility to continue to dominate gold prices over the short term, and that could still weigh down on gold prices, but overall, our general outlook for gold prices remains to the upside. Traders will be eyeing the rate decision from the European Central Bank, where the ECB is expected to leave the benchmark interest rates unchanged at 1.50%.
