Gold traders worry about today's FOMC rate decision [Video]

Gold has traded sideways for a month in a range from the June low of 3943 up to Fibonacci resistance at 4160/4170.

We remain right in the middle of that range in very quiet conditions, with little movement yesterday. We reversed again (which is to be expected in a sideways consolidation of course) to retest Friday's low.

We broke below the 10-day ascending trend line minor support at 4047/4042 to target 4023/4019, reaching 4010.

We are now ranging from here back up to that 4042/4047 (we made a high for the bounce here in the afternoon).

We will probably keep reversing and remain in a sideways trend.

Bear in mind the Fed rate meeting today - a move is not expected but there may be expectations of a September rate hike.

If this is talked about it could push Gold lower. A break below 4008 can target 4005, 3999 & even 3984/3980.

A break above 4050 (above minor resistance at 4042/4047) can target stronger resistance at 4065/4070.

A high for the day is possible but shorts need stops above 4076.