XAUUSD Watching falling channel

Gold is starting to recover Wednesday heavy losses after the FOMC policy meeting showed that the US central bank is still fairly bearish towards the US economy. Technical analysis shows that XAUUSD is trapped inside a large falling price channel. Continued gains in the yellow-metal above the $1,840 level could see XAUUSD testing towards the top of the price channel, around the $1,880 level.

• The XAUUSD pair is only bullish while trading above the $1,840 level, key resistance is found at the $1,880 and the $1,910 levels.

• If the XAUUSD pair trades below the $1,840, sellers may test the $1,810 and $1,770 support levels.