Fundamental View
The Federal Reserve opted to keep interest rates unchanged with a hawkish tilt at its latest policy meeting which gave the USD a boost. Meanwhile, gold’s upside remains limited due to reduced safehaven demand, a stronger USD and a de-escalation in global trade tensions. Elevated US inflation figures and robust economic performance have continued to support the dollar, thereby limiting gold’s attractiveness.
Technical View
XAUUSD remains in a consolidation phase as long as it holds above the $3,285–$3,300 support zone. A decisive break above $3,355 could signal a resumption of bullish momentum, while a move below current support levels may open the door to further downside pressure.
By Terence Hove - Senior Financial Markets Strategist at Exness
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.