Gold setup ahead of the #FOMC

Spot Gold, or the XAUUSD, has a great setup ahead of the FOMC tomorrow. Today, on the “Daily Roundup” webinar for Forex Analytix traders, we discussed the setup in detail. However, in the daily chart we can clearly see it. A move above the 200dma at 1800 (approximately) would clear the way for a rally back towards the 1850 level or higher, but a break of the 61.8% Fibonacci retracement at 1753 would set the stage for a re-test of the key support near the 1680 level. A pretty straight forward setup. Good luck for the FOMC!

Blake Morrow