Gold (XAU/USD) is currently trading around $3,697 during the European session, remaining near a record high as expectations of a dovish Fed cut weigh on the US dollar and maintain interest in safe-haven assets. Market participants tend to hold large positions ahead of the FOMC—the dot plot and Powell's tone will be key determinants of the next direction, particularly for clarity on the tapering path through the end of the year.
Technically, the psychological $3,700 area is the first hurdle; a break and hold above it (intrahour/daily close) opens the way to $3,715–$3,730 and then $3,750. Below the current price, immediate support lies at $3,685–$3,680; further weakness could test $3,665 and then $3,650. The bias remains constructive as long as it holds above $3,650, but a hawkish surprise from the Fed (or a sharp rebound in the DXY) risks triggering a rapid correction to that support area. (ayu)
The gold price at the time of writing was $3,697/Toz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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