Gold started the week in almost Flat day

3일 전

After a relatively flat day yesterday, the price is still holding above last week's close of 2648 on higher time frame, and waiting for FOMC day, this kind of flat movement after good decline generally turn into consolidation for short period as everyone want to see the data first.
Given the current position above last week's close, immediate support could be found around the 2648-50 area. If this level holds, it could provide a foundation for any potential bullish moves. breakdown from this zone can resume the decline towards weekly S1 2608 -2600 area or low.
As discussed in previous posts I am still without any entry and waiting for buying confirmation after or during the FOMC day ..Till then it's a waiting and watching scenario.