Gold settles slightly lower after rangebound trading

FXStreet (Córdoba) - Gold traded in a slimmer range on Thursday and settled a tad lower as investors retain a cautious stance ahead of the Federal Reserve decisive meeting next week.

The yellow metal spent the day rangebound within $1,070 and $1,075 an ounce before settling at $1,072/oz, down 0.4% on the day.

The yellow metal staged a decent rally on Friday before entering a sideways phase over the last sessions, unable to close significantly higher or lower, just oscillating around $1,070 an ounce.

Gold technical view

“Ahead of the last Fed meeting of the year, the commodity trades near fresh multi-year lows, and presents a neutral-to-bearish tone, given that in the daily chart, the price is hovering around a horizontal 20 SMA, while the technical indicators are turning lower around their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart is also presenting a neutral-to-bearish stance, as the technical indicators are turning lower, but without momentum and around their mid-lines, whilst the 20 SMA capped the upside with a slightly bearish tone for the past two-days.”

Support levels: 1,069.60 1,065.40 1,057,30. Resistance levels: 1,077.20 1,082.60 1,089.40.