Gold has been trading sideways at the price of $1,507. Currently the Gold is at the resistance (yellow rectangle) and it is not good for buying at this stage. There is potential for downside move towards the $1,497-$1,486.
Yellow rectangle – Resistance levels
Red rectangles – Support levels
Purple lines – Potential scenarios
Today is FOMC day and I see two potential scenarios.
The breakout above the $1,511 will confirm potential test of $1,534 (swing high).
In case that you don't see breakout of resistance, watch for selling opportunities to the downside with targets at $1,497 and $1,486.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.