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Gold – Rising trend line breached on hourly

FX_IDC:XAUUSD   GOLD / US DOLLAR
Resistance - $1283.43, $1295, $1303

Support - $1273, $1269, $1263

  • Gold’s breach of rising trend line on the hourly chart could signal a short-term loss of bullish momentum and leave the doors open for a fall back to daily 5-MA level of $1273 ahead of tomorrow’s Fed rate decision.
  • On the other hand, a break above Asian session high of $1283.43 could see prices make an attempt at $1290-1295.
  • Moreover, a rebound from daily 5-MA of $1273 followed by a break above $1283 would be a more potent signal of further upside. In this case, prices could test $1300-1303 levels.
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