Gold is struggling to stay in the buyer's territory. It stands at 1,801 level at the time of writing, above 1,800 psychological level. Unfortunately, the pressure is high in the short term, even if the Dollar has plunged versus its rivals.
The yellow metal moves somehow sideways in the short term. We need strong confirmation or a strong bullish signal to buy Gold again. Most likely, XAU/USD will register aggressive movements tomorrow around the FOMC.
XAU/USD Seems Undecided Ahead Of FOMC!
Gold has found support again on the 50% retracement level. Now is fighting hard to stay above the ascending pitchfork's lower median line (lml). It's located below the weekly pivot point (1,805.48).
The pressure is high as long as it stays under this level and below the downtrend line. Gold has printed a potential Falling Wedge pattern. An upside breakout could bring new long opportunities.
Trading Conclusion!
Making a valid breakout from this pattern, above the downtrend line could bring a buying opportunity with a potential target at the warning line (WL1), around R2 (1,840).
Selling will be possible if XAU/USD drops and closes below 1,789, below the downside line, and under the S1 (1,786.17).
