XAUUSD Still Bearish

Gold is looking still looking bearish in the short term after the yellow metal was once again rejected from the $1,970 price area. The FOMC policy meeting is likely to have a big impact on the price of gold later today, and the gold could rally sharply if they fail to show concern about inflation. Any moves towards the $1,800 support region will probably be seen as a strong buying opportunity if the FED remains dovish.

XAUUSD is only bullish while trading above the $1,870 level, key resistance is found at the $1,900 and the $1,915 levels. If XAUUSD trades below the $1,870 level, sellers may test the $1,840 and $1,800 support levels.

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