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Gold could test hourly 100-MA support ahead of Fed

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1288, $1295, $1300

Support - $1283, $1276, $1263

  • Gold's repeated failure to have a sustainable rally above March 2016 high of $1284 coupled with falling tops formation of the hourly RSI indicates prices could test support of hourly 100-Ma located at at $1276 ahead of the Fed rate decision.
  • A rebound from hourly 100-MA followed by a break above $1288 (preferably on hourly closing basis) would signal a more sustainable move higher to $1303-1310 levels.
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