Spot Gold holds in extended consolidation but bearish bias remains intact; FOMC rate decision in focus

Slobodan Drvenica Windsor Brokers

GOLD

Spot Gold is pressuring $1240 support which held stabilization in past two sessions, signaling fresh extension of the downleg from $1299 (27 Nov high). Overall bearish structure and strong expectations that Fed will hike rates today keeps the yellow metal under pressure. Eventual break below $1240 handle would open way for weekly cloud base at $1233, with stronger bearish acceleration expected on hawkish comments from the Fed. Highs of Wed/Tue at $1245/46 mark initial resistances, followed by Mon/Fri tops at $1251/52, which guards more significant barrier at $1258, provided by falling 10SMA.

Res: 1246; 1252; 1258; 1260
Sup: 1240; 1236; 1233; 1229

Interested in Gold technicals? Check out the key levels

1. R3 1258.52
2. R2 1252.35
3. R1 1248.24
PP 1242.07
1. S1 1237.95
2. S2 1231.78
3. S3 1227.67

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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