XAUUSD

Gold is trading just below the 3386 pivot level ahead of the Fed's decision. Although it rose after the weak retail sales data released yesterday, investors have started to wait for the Fed. If the Fed adopts a "dovish" stance and signals a rate cut, it could support gold, a non-yielding asset, and initiate a rally towards the resistance levels of 3406 and 3423. In the contrary scenario, a "hawkish" Fed and a strong Dollar would put pressure on gold, triggering a pullback towards the support levels of 3369 and 3349.