US Fed interest rate decision is due out at 2 p.m. EST on 26th of July, and this may move the Gold market strongly two hours before New York closes.
Simple support and resistance may be used to tell in which direction Gold may move and where it may stop.
There is formidable resistance about 1,260. This was tested two sessions ago and has held. Now price has moved down and away with support from volume. This may hold if markets experience a price shock upon the release of the Fed decision. If that is the case, then Gold may whipsaw lower.
Next two areas of strong support are about 1,240 and 1,235. This may be about where Gold could end up for the short term.
This analysis is published @ 06:55 a.m. EST.