Gold price falls after facing stiff pressure near the crucial resistance of $2,160. The precious metal trades inside Tuesday’s trading range. it is likely to break the consolidating trend after the Fed’s policy meeting.
The precious metal may continue its downside towards the 20-day Exponential Moving Average (EMA) at $2,097. After a wide divergence, the asset tends to face a mean-reversion move, which results in a price or a time correction.
On the downside, December 4 high near $2,145 and December 28 high at $2,088 will act as major support levels.
The 14-Relative Strength Index (RSI) retraces from its peak near 84.50, although the upside momentum is still active
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