XAU/USD Builds Support For A Comeback

A weaker US dollar has offered gold the opportunity to make a comeback just ahead of the Fed meeting later today.

After having established a base at the round number 1700 the precious metal is struggling to clear the resistance at 1740, which coincides with the 20-day moving average. A neutral RSI suggests there is still room on the upside and a bullish breakout could add an extra $20 to the ounce (1760).

However, in the case of a retreat below 1700, the price action is likely to go sideways and test the previous support at 1675.

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