Fed Decision Day Keeps Gold and Silver Prices in Focus

Gold and silver prices are being closely watched as investors await the Federal Reserve's decision on interest rates. The XAU/USD is currently forming a symmetrical triangle, with its price hovering around $4,034 after rebounding off the rising trendline near $4,011.

The short-term trend for gold appears bearish, as it remains below the 50-EMA ($4,058) and 100-EMA ($4,071). However, the RSI is recovering to around 43, indicating that bearish momentum may be slowing down.

The chart shows resistance levels at $4,066, followed by $4,114 and $4,166. Support is held at $4,011, with additional levels at $3,959 and $3,913.

As long as gold trades within the triangle, its outlook remains neutral. A break above $4,066 could increase the likelihood of a move towards $4,114 and $4,166, while a break below $4,011 would open up the possibility of a drop towards $3,959.

In related news, silver (XAG/USD) is also forming a triangle support level, with bulls attempting to recover from recent losses. The chart shows that as long as it trades above this level, its outlook remains positive.