SPOT GOLD holds in extended consolidation but bearish bias remains intact; FOMC rate decision in focus
Spot Gold is pressuring $1240 support which held stabilization in past two sessions, signaling fresh extension of the downleg from $1299 (27 Nov high).
Overall bearish structure and strong expectations that Fed will hike rates today keeps the yellow metal under pressure.
Eventual break below $1240 handle would open way for weekly cloud base at $1233, with stronger bearish acceleration expected on hawkish comments from the Fed.
Highs of Wed/Tue at $1245/46 mark initial resistances, followed by Mon/Fri tops at $1251/52, which guards more significant barrier at $1258, provided by falling 10SMA.
Res: 1246; 1252; 1258; 1260
Sup: 1240; 1236; 1233; 1229