Gold traders await Fed statement

New York (July 26)  As of now, the yellow metal is trading in a downward trending channel on the 1H chart, as investors remain cautious ahead of the US Federal Reserve’s (Fed) monetary policy meeting, scheduled today. In addition, the MACD indicator is sharply directing towards the south, further affirming the above stance. Important support is positioned at the $1243 level where EMA 200 is placed, followed by the $1240 and $1237 levels. A breach below the latter might trigger

Important support is positioned at the $1243 level where EMA 200 is placed, followed by the $1240 and $1237 levels. A breach below the latter might trigger further acceleration to the downside. On the upside, the key technical barrier is situated at the $1251 level where EMA 55 is trading, followed by the $1254 and $1257 levels. A surge above the latter might lead to positivity in Gold.

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