Gold price faces pressure as the upside remains limited amid caution ahead of the Fed’s decision on interest rates. The precious metal trades broadly sideways, ranging between $2,145 and $2,165, and it is likely to break the consolidating trend after the Fed’s policy meeting.
The precious metal may continue its downside towards the 20-day Exponential Moving Average (EMA) at $2,097. After a wide divergence, the asset tends to face a mean-reversion move, which results in a price or a time correction.
On the downside, December 4 high near $2,145 and December 28 high at $2,088 will act as major support levels.
The 14-Relative Strength Index (RSI) retraces from its peak near 84.50, although the upside momentum is still active
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