The yellow metal will wait for the Federal Reserve this week and Bulls are taking charge but have been resisted at a critical 4-hour resistance.
Gold is back in the red this Tuesday, being unsuccessful to sustain at higher levels amid a recovery in the US against its major peers. Markets are turning risk-averse as the Fed begins its two-day monetary policy meeting later today while surging covid cases in emerging economies also underpin the safe-haven US dollar. In The Meantime, the new uptick in the US Treasury yields exerts additional downside pressure on the yield less gold.
Markets are looking forward to the US CB Consumer Confidence data and corporate earnings report for fresh trading incentives.
This puts the bulls in charge to open the week. There are prospects of an advance through daily resistance to penetrate deeper into the monthly resistance. Though, failures at daily resistance or a break of support will underscore the bearish bias for the forthcoming days and weeks ahead.
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