FxWirePro: Gold trades higher, market awaits cues from Fed meeting

• Gold recovered slightly after hitting low of $1259. The yellow metal gained almost $10 and is currently trading around $1269.72.
   
• Fed is expected to raise its interest rates by 25bpbs and market awaits signals of future monetary policy tightening by U.S Federal Reserve. Investors focus new hints on the pace of hikes this year.
                   
• In the 4 hours chart , gold’s near term support is around $1259 (Jun 2nd low) and break below will drag the commodity down till $1255 (50% retracement of $1214 and $1296)/$1249 (89 day EMA)/$1241 (200- MA).
   
• On the higher side, minor resistance is around $1277 (daily Tenken-Sen) will take the commodity to next level till $1296/$1310.

It is good to sell on rallies around $1270 with SL around $1277 for the TP of $1256.