Technical Analysis: Two-week-old support line restricts Gold's declines on FOMC-day
While polls concerning the UK election results and New Zealand's government spending entertained global markets during early Wednesday, traders are now waiting for the key FOMC for fresh impulse. Gold prices stay above the fortnight old rising trendline, at $1,460 now, ahead of the event. However, 200-bar EMA and 38.2% Fibonacci retracement of October-November declines, around $1,472/73, keep the quote under check.
In a case of either side break, monthly top surrounding $1,484 and the previous month low near $1,445 will be important to watch. It's worth mentioning that $1,500 and June month high near $1,439 could challenge traders during the wild moves. Overall, the rise in risk sentiment could keep the safe-haven on the front foot.