• Gold trades below $2766 day high as market awaits Fed's Interest Rate decision.

  • Next resistance sits at $2785 and $2790.

  • Support at $2750 continues to find buyers.

  • Disappointment may push Gold to $2742-$2738.

fxsoriginal

Gold has been trading sideways with local demand coming on retracement to support zone $2752 which keeps momentum alive while bulls need break above day high $2766 for further advance towards overhead resistance $2775 followed by swing high $2785

If Gold finds enough buying intervention above $2785, record high $2790 will come into challenge above which psychological area $2800 will be next point of interest.

Failure to break $2785 will cause bears intervention looking to update $2750 support and $2742-$2738 support base will come into play.

Major support is seen positioned at $2714 followed by $2692-$2685-$2677.

The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.

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