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The price of gold was trading in the green at the 1,730 level at the time of writing and it seems determined to approach and reach new highs as the USD remains sluggish in the short term. DXY's deeper drop helps XAU/USD to jump higher.
Technically, the Dollar Index is in a corrective phase ahead of the FOMC. The Federal Reserve is expected to increase the Federal Funds Rate from 1.75% to 2.50% on Wednesday. Also, the US CB Consumer Confidence index could have a big impact on XAU/USD tomorrow. The indicator could drop from 98.7 points to 96.8 points, this could be bad for the USD and could boost the yellow metal.
Still, the DXY's drop could be only a temporary one, it could try to develop a new leg higher after the FOMC. As you can see on the H1 chart, the rate escaped from a down-channel pattern signaling that the downside movement ended and that the rate could develop a bullish reversal.
It has retested the broken downtrend line and now it has stabilized above the 1,723 resistance. Closing above 1,728 may signal further growth at least towards the 1,739 immediate high.
An upside continuation could be activated by a valid breakout above 1,739. Taking out this resistance could bring new buying opportunities with potential targets at R1 (1,751) and R2 (1,774) levels.
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