Gold analysis for today-

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Gold is seen consolidating around the $4,600 mark as traders keenly await the outcome of a two-day FOMC policy meeting, due later this Wednesday. The key focus will be on the post-meeting press conference, where comments from the outgoing US Federal Reserve Chair Jerome Powell will be scrutinized for cues about the future policy path.That said, the Moving Average Convergence Divergence (MACD) histogram has turned positive, hinting at a modest recovery attempt.

Meanwhile, initial resistance is seen at the horizontal line near $4,668.04, with the 200-period EMA at about $4,703.69 acting as the next, more substantial obstacle that would need to be reclaimed to ease the prevailing bearish pressure. On the downside, weakness below the overnight swing low, around the $4,555, would leave the precious metal exposed to further slippage.