XAUUSD (1313.49):Gold price was bearish yesterday as price fell to 1307.48 level as noted in Tuesday’s morning commentary. The support level is expected to hold in the near term but depending on the Fed’s outcome there is a potential for gold prices to breakout below this level. The price action touching down to the support level of 1307.48 also marks a descending triangle technical pattern. If validated, we expect gold prices to fall toward 1288.90 and potentially ease lower to the 1282 – 1274 level of support that is pending a retest. To the upside, gold prices could maintain the range within the 1307.48 level and 1328.07 level of resistance.
