I think it was because the market already knew that there would not be something new from FOMC so when it turned out to be as predicted, the price went back to its previous range, although the price already made a spike to 1733.93. Probably it was because market has priced in during 2 hours before FOMC announcement. It could be seen in the M30 chart below.
Today, gold moves sideways with a very strong support at 1721.6 and 2 resistance levels at 1729 and 1738.26.
With today Core CPI, Unemployment, and Philly Fed data, I expect gold will have more volatility and break either upside or downside.
If it can break its support level then it next support will be at 1713.
What I'm seeing here is gold has already made its sideways in a week and as I usually say, the longer it stays the more possibility it will forget its destination. In other word, there more chance it can go back downside first before going up if it can't break its resistance in this week.
For today scalping path, just use Support and Resistance 1.
GG - 2012-11-15
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