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Gold has rebounded from 2622 and looks for 2630-2633 is expected so keep hold until reached. If gold breaks 2630-2633, it will again increase further to 2638-2642 in the above.

FOMC PREVIEW: The Federal Open Market Committee meeting this Wednesday is anticipated to influence #gold prices significantly.

With #XAUUSD currently trading between 2638 and 2636, the market is keenly watching for signals on #interestrate movements.

A 25 basis point rate cut is widely expected, which could bolster gold prices as lower interest rates typically diminish the opportunity cost of holding non-yielding assets like gold.

However, if the FOMC hints at a slower pace of rate cuts in 2025, this might temper the rise in gold prices. Investors are also looking for clarity on the Fed's 2025 outlook, which could sway gold's direction.

#XAUUSD #Gold ANALYSIS Gold Price consolidates in a symmetrical triangle (indicating indecision or a continuation pattern).

Key breakout levels:

- Upside: Around 2688

- Downside: Around $2605

The current RSI value is around 51.76, indicating a neutral stance (neither overbought nor oversold).

If gold remains within the triangle, avoid trades until a breakout or breakdown is confirmed

Intraday Resistance - 2648 & 2653

Below this, sellers will remain active and drag the prices back to support. 

Intraday Support - 2636 & 2625

Above this level, prices will keep on bouncing and test the resistance. 

If a breakout occurs next resistance is at 2677

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