Gold Technical Analysis: Calm before the FOMC storm on Wednesday

• Gold main bear trend is on hold as it has morphed into a sideways consolidation.
• Gold is trading in a tight trading range since early September. Gold is oscillating between 1,190.00 and $1,210.00 a troy ounce while the 50, 100 and 200-period simple moving averages are coiled together.
• The FOMC on Wednesday can potentially unlock the status quo with a breakout in either direction. In fact, the market has been ranging for so long that the odds are about 50/50 despite the prior main bear trend.

Gold 4-hour chart

Spot rate:                   1,200.00
Relative change:        0.17%
High:                          1,203.50
Low:                           1,196.80

Main trend:                         Bearish 
Short-term trend:                Neutral

Resistance 1:            1,204.10, August 3 swing low (key level)
Resistance 2:            1,211.17 July 19 low 
Resistance 3:            1,214.30 August 28 high
Resistance 4:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 5:            1,225.90 July 17 low
Resistance 6:            1,237.60 July 3 swing low

Support 1:            1,194.30 March 10, 2017 low
Support 2:            1,189.49 September 4 low
Support 3:            1,172.82 current 2018 low
Support 4:            1,145.20 March, 1 2017 low