GOLD
Gold is trading around the $4,300 support level, and prices are likely to break below it and target $4,180, while this scenario would be invalidated if the $4,500 resistance level is broken to the upside during today’s trading.
|
Support |
4300 | 4180 |
| Resistance | 4500 |
4650 |
Gold remained under pressure after the Federal Reserve raised interest rates by 25 basis points for the first time in three years, while signaling that another increase could come before the end of the year. The decision strengthened the dollar and reinforced expectations that interest rates will remain elevated, weighing on the precious metal, which lost around 2% over the previous three sessions. In the latest trading, spot gold hovered near $4,311 an ounce, while the US Dollar Index held around 100.35 points, leaving gold closely tied to the outlook for US interest rates in the coming period.
The US dollar extended its gains for a sixth consecutive session, rising to 99.89 points after the Federal Reserve raised interest rates for the first time since July 2023. The currency was also supported by expectations of another rate increase this year, according to the Fed’s updated dot plot. Currency market movements remain largely driven by differences in interest rate expectations between the United States and other major central banks.
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