The precious metal continued to trade flat ahead of the Fed meeting today. The market risk sentiment was also rather mixed. But this sideways range could be breached following the outcome of today’s Fed meeting. The bias remains to the upside at the moment.
Will XAU/USD Breakout Higher
Gold prices are currently holding the sideways range of 1508–1485 for the moment. However, we expect a potential breakout to the upside. This could form a possible lower high to the longer-term trend. Alternately, a downside breakout will result in XAUUSD continuing the longer-term correction. The lower support is at 1431–1428 level.