Gold technical analysis: Bulls holding the baton ahead of Fed, Fibo extensions back in focus

Gold prices have stabilised above the 20-day moving average at 1415, now basing higher into the Federal Reserve outcome in the 1430s. The upside opportunities will play out on a weaker Dollar, depending on the Federal reserve’s statement, but bulls can target 1430/40 and 1450s key areas (a level on a Fed-induced spike which is within current daily ATR of $18.00). The 1480s are a clear target ahead of the 1500 round and psychological level.  

At this juncture, this is where the Fibo extensions can come in handy when analysing beyond prior price ranges.  On an extension, the Fib levels of April swing lows to recent highs to the upside holds the 127.20% target around the psychological 1500 level. Meanwhile, a hawkish Fed cut could lead to a rally in the Buck which would bring back scope for a test of the  20-daily moving average, (then the 23.6% retracement is located at 1410), that guards 1373/76 zone meeting the 19th June spike correction lows.