On Wednesday, gold’s price was testing the resistance of the 55-hour SMA, which had caught up to the commodity price.
If the price passes above the 55-hour simple moving average, it should next test the 1,280.00 level, which should provide psychological resistance, and the 100-hour simple moving average.
On the other hand, the rate could be pushed down through the support of the 38.20% Fibonacci retracement level at 1,273.68. In that case scenario the rate would once more drop to the 1,270.00 level.
Meanwhile, take into account that the Federal Reserve announcement at 18:00 GMT might crash all technical USD charts.
