Blue rectangle- support
Black lines - Fibonacci retracement levels
Gold price is trading around $1,665. After the low around $1,653 bulls were unable to bounce price higher than the 38% Fibonacci retracement. Bulls made two attempts to push price higher but found resistance at $1,680. Gold justifies a bounce higher even towards $1,700. As long as price holds above $1,650, we can expect such a bounce higher. Price is trading above the short-term support shown by the blue rectangle. The market is in a waiting stance ahead of tomorrows critical FOMC.
