Gold has been trading sideways at the price of $1,507. Currently the Gold is at the resistance (yellow rectangle) and it is not good for buying at this stage. There is potential for downside move towards the $1,497-$1,486.
Yellow rectangle – Resistance levels
Red rectangles – Support levels
Purple lines – Potential scenarios
Today is FOMC day and I see two potential scenarios.
Scenario 1:
The breakout above the $1,511 will confirm potential test of $1,534 (swing high).
Scenario 2:
In case that you don't see breakout of resistance, watch for selling opportunities to the downside with targets at $1,497 and $1,486.