Spot Gold is holding within narrow range and below key barriers ahead of Fed

Spot Gold extended recovery rally from temporary footstep at $1304 for the second day, but gains were limited at $1316 and so far unable to sustain probe above initial barrier at $1312 (daily Kijun-sen).
Pivotal barrier at $1320 (broken bull-trendline / 20SMA) stay intact for now and keep near-term risk shifted lower.
Gold is eyeing the outcome of FOMC policy meeting as the yellow metal, sensitive on US interest rate changes, would react on both scenarios.
Hawkish Fed is expected to send gold price lower, as break below next target at $1299 (Fibo 38.2% of $1204/$1357 rally) could extend towards $1280 (rising 55SMA).
If US policymakers fail to deliver firmer signals of possible rate cut by the end of the year and provide more details on timing of the beginning of reduction of massive portfolio, gold would rally.
Break above $1320 would expose next pivots at $1331 (daily Tenkan-sen) and $1334 (last week’s tops which formed a lower platform).

Res: 1312; 1320; 1325; 1331
Sup: 1309; 1304; 1299; 1292