Gold holds below $3,400 as traders stay cautious ahead of Fed decision

Gold  remained range-bound below $3,400 during Wednesday’s Asian session, as traders adopted a cautious stance ahead of the Fed’s policy decision.
Markets are looking for clearer guidance on the rate-cut timeline, with growing expectations of a potential move in September.
A modest dip in the US Dollar and heightened Middle East tensions are helping to cushion gold from further declines.
With uncertainty prevailing, investors are refraining from big positions ahead of the FOMC announcement later today, which is expected to shape gold's near-term outlook.

XAU/USD TECHNICAL OVERVIEW 

Technical Structure: Gold is exhibiting a mixed short-term structure, reflecting market indecision ahead of key catalysts. On the daily chart, a Doji candle signals hesitation among traders, while the 4-hour timeframe shows price consolidation, indicating a lack of clear momentum. On the 1-hour chart, a descending broadening wedge is forming — typically a bullish reversal pattern. Meanwhile, on the 15-minute chart, gold is taking resistance from the 200-period SMA, capping upside attempts in the very near term.

Intraday Trend/ Intraday Strategy: The trend remains neutral, with a preference to buy on support and sell on resistance. A clear break above $3,405 could open up further bullish momentum, while a fall below $3,366 would indicate weakness and invite selling pressure.

Weekly Trend: Bullish

Major Support: 3375, 3365, 3340
Major Resistance: 3400, 3422, 3440