Spot Gold moved lower on Tuesday, maintaining negative near-term tone, with the bear-leg of past five days being capped by falling 10SMA. Bearish techs maintain negative outlook which may result in retesting key support at $1211. FOMC monetary policy decision, due late Wednesday, is key event and could cause stronger movements. Fed is expected to hold hawkish stance and signal rate hike in September, which would be supportive for the greenback and push gold price lower. Sustained break below $12/1511 pivots (Fibo 61.8% of $1122/$1366 ascend) would trigger significant losses, while break above 10SMA is needed to ease bearish pressure, but lift above $1235 double-top would generate stronger bullish signal.
Res: 1224, 1227, 1235, 1238
Sup: 1217, 1215, 1211, 1204
