Gold Price Forecast: XAU/USD defies bearish odds ahead of the Fed

Gold price holds steady above $1,800, consolidating the previous upswing. The yellow metal awaits US Federal Reserve for the next big move, FXStreet’s Dhwani Mehta reports.

Strong support awaits at around $1,790

“Daily closing above the $1,824 upside hurdle will invalidate the bearish wedge formation, opening doors toward $1,850 – the psychological level.”

“On the flip side, strong support awaits at the confluence of the bearish 200-Daily Moving Average (DMA) and the wedge support at around $1,790. The next relevant support is envisioned at the bullish 21DMA at $1,771.”