Gold snaps 3-week low, as markets eye FOMC Minutes [Video]

The price of Gold rebounded from its lowest point since August 1 on Wednesday, ahead of a highly anticipated FOMC minutes report.

Despite holding rates in July, two members of the Federal Open Market Committee were in favor of a 25-basis-point cut; however, they were voted down by nine of their colleagues. 

Today’s minutes will detail the reasons for Fed governors Bowman and Waller’s dissent, putting further pressure on the central bank to cut in September.

XAUUSD bulls latched onto this upcoming news release, using it to buy at a historical floor of $3,330.

As of writing, the safe-haven asset is trading at $3,343, according to our analysis on the XM Metatrader platform.

Prices have fallen from earlier highs, as some traders have opted to take profits, following a failed breakout at a resistance level of 49.70 on the 14-day relative strength index (RSI).

Should this level be broken, we could see XAUUSD move closer to a short-term ceiling of $3,365 in the coming days.