The precious metal was weaker on Tuesday, but the declines were smaller. This comes a day after gold prices fell sharply boosting risky assets.
The current consolidation is expected as investors wait for today’s Fed meeting. But the bias looks to be to the downside for the moment.
XAU/USD Could Test Support at 1462
The precious metal has been quite erratic in the recent few sessions. This comes after price failed to break past the resistance area of 1511.50. The retest of this level promptly sent gold prices lower. The breakdown of the rising trend line now likely opens the way for declines to 1462.20.
