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Gold depending on the Fed meeting
Much will ride on the outcome of the Federal Reserve meeting tonight and what the US dollar does. However, gold bulls are doing a commendable job of holding the $1263 support area, with a dip to the 50-day simple moving average (SMA) at $1260 bringing out buyers.
A close below $1260 would suggest further losses towards $1240, while a bounce on a potentially dovish Fed could see the metal head back to $1295, which is an area of key resistance.
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