Gold is trading at $1938.52, 0.21% down since previous close. The selling pressure can be seen in gold prices which can be termed as profit booking phase as the commodity tested recent highs of $2000 mark earlier in this week. However, the focus will be on upcoming event of US FOMC meeting which is to be concluded on Wednesday wherein the monetary stance will be revealed. An improved global sentiment on UBS- Credit Suisse deal & announcement of liquidity assistance being to be provided by FOMC & other Central Banks led buying pressure in commodities. As seen in the chart, the Gold seems to be retracing down till MA (10) which acts as major support level. Sideways trading may be expected for the day in Gold.

GBP/USD is trading at 1.22306, 0.12% up since previous day close. The flat to higher side momentum can be seen in Pound on Wednesday ahead of the outcome of country’s CPI data release event today. Also, the traders will be eying the result of U.S FOMC meet; showcasing its monetary stance. Since the fear of banking crisis still looms in the market, the softer USD cushions the other currencies. Globally, the easing down U.S CPI rate & upbeat U.S labor figures can reduce the higher rate hike chances in Fed’s upcoming meet. As seen in the chart, the pair GBP/USD is consistently trading; however, crossed over the MA (100) & MA (10) which indicates the strong upside with heavy volumes & the target of 1.23421 can be expected.

AUS200 is trading at 7050.3, 0.22% up since previous close. An upward momentum can be seen in Asian shares in early trade on Wednesday after positive sentiments builds-up amongst the traders over global cues. In Australia, the MI Leading Index fell by 0.1% same as previous figure which failed to create much impact on ASU200. However, the limited trading can be observed in equities as Fed is to reveal its monetary stance on Wednesday against the expectation of 25bps rate hike. Earlier, the UBS news of buying the Credit Suisse Bank & the FOMC & other Central banks plan to provide financial assistance to economies in order to stabilize global growth led buying pressure in indices. Buying bias may be recommended in AUS200 on daily basis.