Gold looks undecided near the lower line of the trend channel and just below the key moving averages. If FED members decide to be hawkish as expected, the trend may be tested to the downside. The key horizontal support line for the medium term, 1765 is also met the trend line, which increases the importance of that support. A clear break may lead to below 1700 levels in the coming weeks.
But the bullish case of gold has not disappeared yet. Inflation is running hot and central banks perhaps still very dovish than they should be. The US is still in negative real yield territory and technically, the price is holding above the key support levels. If 144 and 233-day moving averages passed and 1812 resistance breaks to the upside, 1870-1895-1920 can be followed as possible targets in the coming weeks.
