Gold price remains in the sideways trading range its been in for the last couple of weeks. Price is bouncing up and down between $1,307 and $1,290. Gold price is expected to be very volatile today around the time the Federal Reserve announces its policy.
Magenta line — bigger trading range
Blue lines — short-term trading range
Yellow line — medium-term resistance (broken now support)
Green lines — targets
Gold price in order to achieve our short-term targets of $1,320-30 will first need to break above $1,304 and $1,307. If this happens tonight then there are a lot of chances over the next couple of weeks to reach our targets. If support at $1,290 fails we could see Gold test $1,280. A daily close below $1,280 will open the way for a push towards $1,270-60.