Gold awaits Wednesday's rate hike decision and traders are sitting with little powder on hands for the event.

Prices on four hour charts are trading slightly above 50 EMA 1784 after intraday support at 1781.90

If the metal manages to trade above yesterday's high of 1791.50 we expect some more upside to test 1798 and extend upmove to 200 SMA 1807

Breaking below 1781 may weaken the move leading to lower price levels at 1771 and 1763