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Bullish Price Sequence

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A stagnant round of FX trade and the closure of the cash Tsy space during Asia-Pac hours has left gold in a narrow range. This comes after an uptick in the DXY and U.S. real yields kept a lid on gold on Friday, as spot closed just above its weekly low. Spot last deals little changed at $1,753/oz, with initial technical support located at the Sep 16 low ($1,745.3/oz). A break below initial support would expose the 76.4% retracement of the Aug 9-Sep 3 rally ($1,724.5/oz). To the upside, initial firm resistance is seen at the Sep 14 high ($1,808.07/oz). Wednesday's FOMC decision, specifically any communique surrounding the central bank's tapering plans, provides the focal point for participants this week.