Gold Bounces at Key Support Ahead of FOMC Rate Decision

Gold prices have been on a downward trend since the Kevin Warsh speech at Jackson Hole and last week's NFP report, but sellers were unable to push the metal below its previous low.

This has set up a short-term symmetrical triangle for gold, which doesn't carry a clear directional bias.

Despite the fundamental environment being bearish, with rate hike odds increasing ahead of next week's FOMC meeting, the metal has shown resilience at key support levels.

The true test of trend will be how gold reacts to upcoming inflation prints and the FOMC decision, which could see buyers step in if the metal fails to break down below its current level.