Gold Prices Test 200-Day EMA Ahead of Fed Decision

The gold market has been drifting lower in recent trading sessions, testing its support level at the 200-day Exponential Moving Average (EMA) of $4,324.0.

This comes ahead of the Federal Reserve's interest rate decision and press conference on Wednesday, which could provide some much-needed clarity for investors.

The market is currently waiting for instructions from the Fed, with a hawkish outlook potentially posing downside risk for gold prices.

Despite this, $4,500 remains a key resistance level that the market is still looking to break through.