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Gold prices steady post Fed rate hike

In yesterday’s trading session, gold prices were down by more than 200 points and closed near 30,600 levels. MCX Gold prices are facing the resistance of its falling trend line at 30,850 levels on the daily time frame. Currently, gold prices in India are hovering around its crucial support of 30,500 levels on the hourly chart.

Moreover, gold prices are trading above its 50-day moving average, which suggests short-term trend remains up. COMEX gold prices are also near its support of $1198 levels.

The US Federal Reserve raised interest rates on Wednesday, which was widely expected, and left its monetary policy outlook for the coming years largely unchanged amid steady economic growth and a strong job market.

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