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"I think it'll be mostly a non-event. The Fed will probably stick to the status quo and if that proves to be true then gold should continue to hover between $1,270 and $1,290 in the near term."
- Phillip Futures (based on CNBC)
Pair's Outlook
On Tuesday, gold made an attempt to rebound considerably after losses that occurred back two days ago. Following a successful breach of the monthly R2, the yellow metal decided to keep growing as it tried to push through the 61.8% Fibo / weekly PP at $1,290. At the same time, this resistance held XAU/USD's bulls from going further to the upside. Nevertheless, it seems that the metal will try to advance above this level for the second time today. In case of success, we may observe the gold climbing up to 2011 low at $1,307 in the near term.
Traders' Sentiment
Sentiment towards the precious metal is getting more positive from day to day, as share of bullish trades climbed to 74% over last 24 hours, up from 69% back on Tuesday and just 66% two days ago.
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