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The recent gains in the precious metal hit a snag after price failed to breakout above the 1967 resistance.

The strong confluence of both the trend line and the horizontal support level has reversed direction.

Price action is likely to remain in a sideways range within 1967 and 1911.50. The Fed meeting later today will most likely see this range being breached.

The bias is limited to the upside unless gold can clear the 1967 and the 2000 levels.

To the downside, a close below the 1900 region could trigger a sharper correction.

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