Gold fails to cross major resistance at $1122, downside correction likely

XAU/USD is currently trading at $1117 levels and made new intraday low at $1116.48 levels.
 

• Pair rebounded from today's high and core resistance level at $1122.
   
• FOMC in focus as Fed will most likely leave monetary policy unchanged.
   
• Attention will be paid to the following statement, with an increased chance of dovish language, which might undermine the US dollar further.
   
• Major support levels are falls at $1112, $1107 and $1098 thereafter.
   
• A daily close above the $1122 is require to confirm the bullish trend.
   
• Resistance levels are seen at $1122, $1127 and $ 1132 thereafter.