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  • Gold main bear trend is currently on hold as the market has entered a sideways consolidation.
  • Gold is evolving in a tight trading range since early September. Gold is trading between 1,190.00 and $1,210.00 a troy ounce while the 50, 100 and 200-period simple moving averages are coiled together.
  • Gold is currently trading near the low of its range near 1,190.00 but bears would ideally need a clear break below 1,190.00 to get a bear trend confirmation.  
  • The FOMC at 18:00 GMT can lead to extreme volatility.  

Gold 4-hour chart

Spot rate:                   1,194.00
Relative change:        -0.52%
High:                          1,202.50
Low:                           1,193.40

Main trend:                         Bearish  
Short-term trend:                Neutral

Resistance 1:            1,204.10, August 3 swing low (key level)
Resistance 2:            1,211.17 July 19 low  
Resistance 3:            1,214.30 August 28 high
Resistance 4:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 5:            1,225.90 July 17 low
Resistance 6:            1,237.60 July 3 swing low

Support 1:            1,194.30 March 10, 2017 low
Support 2:            1,189.49 September 4 low
Support 3:            1,172.82 current 2018 low
Support 4:            1,145.20 March, 1 2017 low