Gold upside limited

Gold ’s attempt to mark gains were limited up to $1794 levels last week, as the week progressed it fell back to $1770 levels and finally settled the on Friday near $1782. Lack of major economic data release made gold to trade within a range and now it has placed on a downward bias. Inflation worry in the economy across the world is supporting gold at current levels. This week Fed’s Powell will be giving his speech on Wednesday after the Fed’s meeting,. Traders could take hint for further clarity on fed action plan.

Technically, 30 minutes and 4 hours charts indicates resistance near $1793 , last week’s high and its likely test support levels of last week . A close above $1809 only can change the current downward bias for gold. With the volumes getting low based on seasonality , a break of support at $1763 could open door towards $1720 levels.

Data and Events for U.S this week

• S PPI Month on Month on Dec 14th Tuesday.
• FOMC statement on Wednesday 15th Dec

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