Gold Ahead of FOMC: Holding the Bullish Structure, Eyeing 3,700

Hello everyone, gold is heading into a very sensitive week with the upcoming FOMC decision on rates and policy guidance. On the H1 chart, price just broke out to 3.68xx with a strong candle and improved volume, now consolidating just below 3,690–3,700 – a psychological barrier and session high. The broader trend remains upward as gold trades above a rising Ichimoku cloud, while clear support steps form below: 3,662–3,665 as the nearest floor, 3,648–3,642 as a deeper defense, and the 3,635–3,625 cloud zone as intraday trend protection. As long as gold holds above 3.66x, I favour a high-probability accumulation setup to retest 3,690–3,700; if H1/H4 candles close above 3,700, the next target could extend to 3,715–3,730.

On the news side, the midweek FOMC is the key trigger. A dovish Powell and dot-plot could soften USD and yields, giving gold a chance to break 3,700. A hawkish tone, however, may spark profit-taking and pull gold back to 3,662–3,665 or even 3,648–3,642 to test demand. Labour data, manufacturing reports, and the BoE decision will also shape sentiment. With US figures lately underwhelming, markets lean toward a softer Fed stance, which underpins gold. I tilt bullish, watching reactions around 3,665 and 3,645 as FOMC headlines hit.

Do you think the Fed will sound dovish or hawkish this week? Drop your thoughts!