WATCHING GOLD INTO FED RATE HIKE 12/13/2017

Gold has broken down as of late falling to a low around 1237, It is unclear at the moment if we have found a short term bottom in gold. There is a bullish divergence on the 4H chart and we have a rate hike on tap for today. One could argue that the rate hike is priced in. In the past, rate hikes have typically marked a low in gold. I will be watching to see a 4H candle close above the prior resistance or below the recent support to determine the short term direction of gold prices.