Technical analysis
The EMA(100) is higher than the EMA(50), which is advantageous for bears
These lines cross, which is favourable for opening an order
The MACD is below 0, with the signal line pointing up
The RSI is below 50.
What the possible outcomes are
XAUUSD is defending 1,800 for the third consecutive day. As the investors are cautious about opening new positions, the pair is under pressure before the FOMC outcome. The near-term picture is still bearish.
At the moment, the price may decline toward the first support level of 1,789.96. Beneath lies the second support level of 1,782.82.
If bulls defend the support level of 1,789.96, the price may reverse towards the resistance level of 1,812.86. A breakout of that level can push the price higher towards 1,825.12.
Key levels
Support 1,789.96 1,782.82
Resistance 1,812.86 1,825.12
