Gold Technical Analysis: remains confined between two converging trend-lines

   •  Once again retreats from a descending trend-line resistance, a part of symmetrical triangular formation on the 4-hourly chart. 
   •  The contracting wedge support, currently near the $1294 region, might continue to protect the immediate downside.
   •  Neutral technical indicators also suggest an extension of the consolidation phase before the next leg of a directional move.
   •  Investors look forward to the latest US CPI print and the highly anticipated FOMC decision for the required momentum to breakthrough the three-week-old trading range. 

Gold 4-hourly chart

Spot Rate: $1297.57
Daily High: $1300.59
Daily Low: $1296.43
Trend: Range-bound

Resistance
R1: $1302.49 (descending trend-line)
R2: $1307.51 (200-day SMA)
R3: $1314.16 (horizontal level)

Support
S1: $1294.31 (ascending trend-line)
S2: $1289.81 (last week's swing low)
S3: $1282.10 (multi-month lows set on May 21)