In search of a firm near-term direction, FOMC decision awaited

  


   •  The precious metal witnessed a goodish intraday bounce from ascending trend-line support held since the beginning of this week and has now turned positive for the fourth consecutive session.

   •  The mentioned support coincides with another ascending trend-line, extending from monthly lows, and also nears 200-hour SMA, which should now act as a key pivotal point for short-term traders.

   •  Meanwhile, oscillators on hourly charts have just started gaining traction but maintained their neutral bias on the daily chart, suggesting indecision about the commodity’s near-term trajectory.

   •  Hence, it would be prudent to wait for a convincing break – either below the mentioned confluence support or above the recent swing high, before determining the next leg of a directional move.

Gold 1-hourly chart

 



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