- 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.
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