•Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% the fourth increase since financial crisis. The US unemployment rate fell to a 16- year low of 4.3% in May and analysts expect the Fed to nudge down unemployment rate on Wednesday.
•In the 4 hours chart , gold’s near term support is around $1266 (21 ) and break below will drag the commodity down till $1249 (89 day )/$1241 (200- MA).
•On the higher side, minor resistance is around $1274 (- 4H ) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1275-$1278 with SL around $1284 for the TP of $1256.