Gold retreats from highs, below $1,330

The troy ounce of the precious metal is trading almost unchanged on Wednesday, struggling to extend the upside to the vicinity of $1,330.

Gold firmer ahead of FOMC

Gold is advancing since Monday, recovering part of the July drop from YTD highs near $1,380 and currently testing the 38.2% Fibo retracement of the up move from post-Brexit lows at $1,253.70 to 2016 highs at $1,374.90.

In spite of the upside, bullion keeps the cautious tone ahead of the FOMC statement due later in the NA session, where traders will look for any clues regarding the rate path of the Fed, pivotal for future moves in the yellow metal.

Gold key levels

As of writing Gold is losing 0.04% at $1,327.85 facing the next support at $1,312.80 (low Jul.21) followed by $1,300.00 (61.8% Fibo of $1,253.70-$1,374.90) and finally $1,291.20 (55-day sma). On the other hand, a breakout of $1,346.30 (23.6% Fibo of $1,253.70-$1,374.90) would expose $1,374.90 (2016 high Jul.6) and then $1,391.40 (2014 high Mar.17).