Fundamental Perspective
Gold prices slipped as a stronger dollar weighed on dollar-denominated assets despite escalating Middle East tensions. Traders are closely monitoring the upcoming FOMC meeting for clues on interest rate direction, with cautious sentiment limiting gold's near-term momentum. However, central bank demand remains a strong tailwind, as a World Gold Council survey shows 95% expect global gold reserves to grow, with a record 43% planning to boost their holdings.
Technical Perspective
XAUUSD is holding within the ascending channel and rebounded above the support zone at 3300. Sustaining its upward momentum could prompt a rally toward the swing high at 3500. Conversely, a retracement could prompt a retest of the channel's lower bound and support at 3300. A break below the 3300 support could prompt a further decline toward the next low at 3200.
Gold prices slipped as a stronger dollar weighed on dollar-denominated assets despite escalating Middle East tensions. Traders are closely monitoring the upcoming FOMC meeting for clues on interest rate direction, with cautious sentiment limiting gold's near-term momentum. However, central bank demand remains a strong tailwind, as a World Gold Council survey shows 95% expect global gold reserves to grow, with a record 43% planning to boost their holdings.
Technical Perspective
XAUUSD is holding within the ascending channel and rebounded above the support zone at 3300. Sustaining its upward momentum could prompt a rally toward the swing high at 3500. Conversely, a retracement could prompt a retest of the channel's lower bound and support at 3300. A break below the 3300 support could prompt a further decline toward the next low at 3200.
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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.
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.