Gold consolidates as traders await the Fed’s monetary policy update. The metal came under pressure after it erased all gains from the November rally.
Price action is stuck in a narrowing range between the daily support at 1760 and 1806. This indicates the market’s indecision.
A bearish breakout would confirm the bearish MA cross on the daily chart and trigger an extended sell-off towards the floor at 1680. On the upside, a rally would send the price to retest the previous peak at 1870.
