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In result of the previous trading session, traders with bullish outlook pushed the pair simultaneously from larger descending and minor ascending channels.

The surge was based on increasing tensions between the US and North Korea. However, near the weekly R2 at 1,294.86 it made a rebound, as markets started to worry about the upcoming Fed Meeting Minutes.

Given the importance of this event, the pair is expected to move horizontally until 18:00 GMT. Fortunately for the gold, the southern side is protected by a combined support set up by the weekly R1 at 1,285.75 and the 55-hour SMA.

If signals from the Fed will be hawkish, the rate most probably is going to fall to an intersection of the 100-, 200-hour SMAs and the 61.8% Fibonacci retracement level near 1,278.90.

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