Gold prices posted meager gains on Wednesday amid some flows into safe-haven assets. This comes ahead of the Fed meeting next week. Expectations for a rate cut remains high. But a disappointment from the Fed is also possible. Equity markets remained steady as investors wait for more clues.
XAU/USD Consolidates into an Ascending Triangle Pattern
The precious metal is seen establishing resistance at 1495 level. Amid this resistance, the commodity is posting higher highs. Therefore, a strong breakout above 1495 will trigger the upside bias, Gold could rise to at least 1511.50 level in the short term. The upside failure will, of course, see the bias shift back to the initial support at 1462.
