Gold prices were almost unaffected over the good economic data just before the Federal Reserve’s policy meeting later this week. Gold holds near one month high on Tuesday morning at $1254.75.
As the Federal Reserve’s policy meeting is scheduled for Wednesday, analysts expect the Fed to keep rates unchanged.
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Technical Outlook
The 100-day moving average crossed above the 50-day moving average, as seen in the chart which signal a reversal trend.
Based on the previous technical observation, the daily chart has formed a “Falling wedge pattern”, which signals a bullish trend that can push prices towards $1260. Prices might consolidate around this area and $1250 would be today’s support. A break below, and prices might pull back to $1246-$1240 levels.