FundamentalOverviewGold eventually extendedthe losses ever since rejecting the key 3,438 resistance last week. The tradedeals and lack of bullish catalysts didn’t help the market as we now head intothe FOMC decision due tomorrow. The Fed is expected to keepeverything unchanged and might just keep the door open for a rate cut inSeptember if they get more benign inflation figures by then. I would say that the NFPreport on Friday is more important at this point as softer data could give theFed more reasons to cut in September or even deliver more rate cuts thancurrently expected. Conversely, stronger datamight keep them on the sidelines for longer especially if the inflation outlookremains skewed to the upside.In the bigger picture, goldshould remain in an uptrend as real yields will likely continue to fall amidFed easing. But further hawkish repricing in interest rates expectations could triggercorrections in the short term. GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold broke below the major trendline recently and extended the losses asmore sellers started to pile in. The target should be the key swing level at3,120 where we will likely find dip-buyers positioning for a move back into the3,438 resistance.Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, there’snot much we can glean from this timeframe as we don’t have any meaningful levelwhere to lean onto. The bearish momentum will likely continue into the 3,246level due to lack of bullish catalysts ahead of the FOMC decision tomorrow.Gold Technical Analysis– 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor downward trendline defining the bearish momentum. Thesellers will likely continue to lean on the trendline with a defined risk aboveit to keep pushing into new lows, while the buyers will look for a break higherto target a move into the major broken trendline around the 3,370 level. Thered lines define the average daily range for today.UpcomingCatalystsToday we have the US Job Openings andConsumer Confidence data. Tomorrow, we have the US ADP, the US Q2 GDP and theFOMC rate decision. On Thursday, we get the US PCE price index, the US JoblessClaims and the US Employment Cost Index. Finally, on Friday, we conclude theweek with the US NFP report and the US ISM Manufacturing PMI. Watch the video below This article was written by Giuseppe Dellamotta at investinglive.com.