• Gold prices gained while the U.S. dollar remained unchanged on Wednesday as investors awaited details of the U.S. Federal Reserve's two-day meeting due later in the day.
• The Fed is widely expected to hike interest rates later in the day. Markets also anticipate another rate hike before the year end, although the outlook for 2019 is less clear, according to analysts.
As well as an interest rate decision, the Federal Reserve will also serve up its summary of economic projections, outlining policymakers' expectations on economic growth, inflation and unemployment.
• Gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained 0.13% to $1,206.70 a troy ounce by 1:20AM ET (05:20 GMT).
• The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was unchanged at 93.73. The index has slipped around 3% since August.
The dollar has been the preferred safe-haven asset over gold in recent months as traders were prompted to buy the U.S. currency in the belief that the United States has less to lose from the dispute.
• Elsewhere in metals trading, December silver futures edged up 0.3% to $14.535 a troy ounce, while January platinum futures was trading at $829.80, up 0.5% for the day.
• Gold Technical Analysis: Calm before the FOMC storm on Wednesday
Gold main bear trend is on hold as it has morphed into a sideways consolidation.
Gold is trading in a tight trading range since early September. Gold is oscillating between 1,190.00 and $1,210.00 a troy ounce while the 50, 100 and 200-period simple moving averages are coiled together.
The FOMC on Wednesday can potentially unlock the status quo with a breakout in either direction. In fact, the market has been ranging for so long that the odds are about 50/50despite the prior main bear trend.
Main trend: Bearish
Short-term trend: Neutral
Resistance 1: 1,204.10, August 3 swing low (key level)
Resistance 2: 1,211.17 July 19 low
Resistance 3: 1,214.30 August 28 high
Support 1: 1,194.30 March 10, 2017 low
Support 2: 1,189.49 September 4 low
Support 3: 1,172.82 current 2018 low
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