Gold prices struggling to regain strong upside momentum following the recent consolidation while the price of Bitcoin remains steady ahead of the most anticipated Federal Reserve’s interest rate decision and statement. The Federal Reserve already began the two-day meeting on Tuesday with expectations mounting that they will lift rates by at least 25 basis points.

Gold price started this week's trading session on a strong bullish note and the metal price crossed the US$2,000 per ounce mark early in Monday's trading session. But we witnessed a strong reversal from the fresh monthly high of $2009 to $1935 after the recent recovery in risk sentiment. Moving ahead, again the trend of the metal would largely depend on the trend of the dollar index and FED chair Powell's speech.

Technically, the overall momentum remains mixed after the previous session's strong bearish move. In the short term, if the metal breaks below $1930 it would open doors toward the next key support area of $1922/20 and below that 1912 is next. On the upper side, $1950 will act as an immediate while $1956 will be a critical resistance zone. If the metal manages to settle above $1956, it will gain upside momentum and head towards the next resistance level at $1968 and $1975.

Bitcoin, the largest digital coin by market value is enjoying the ride. The Bitcoin price hit new multi-month highs on Monday after a V-shaped rebound from the 200-day moving average. The strong bullish move started after the crucial $25,000 resistance level was broken. As of this writing, BTCUSD trades above the $28,000 level.

Technically, the medium-term trend is very supportive, and the pair has room to climb If the US Federal Reserve is going to turn hawkish today despite banking crisis fears we could see an extension to the weakness in the crypto pair. On the upper side, considering heavy volatility there are chances that Bitcoin can easily rise towards the next key resistance of 29,400 then the 30,000 area. On the downside, any meaningful pullback now seems to find some support near the 27,800 and then 27,400/200 zones, below which the slide could further get extended towards the 26,600/500 zones.

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