📈 Consolidation amid a downtrend. Waiting for Powell...
———————————————
GOLD is hovering around the psychological $5,000 level, forming a trading range with narrowing boundaries, as the market awaits a key event—the Fed’s rate decision and signals regarding its future policy direction.
The war in Iran continues to support oil prices, fueling inflationary expectations.
Markets are pricing in a “hawkish” Fed scenario, which is negative for gold.
The dollar is pulling back from 10-month highs on profit-taking ahead of the Fed meeting, though this is largely a technical narrative—a false breakout of the psychological 100.0 level.
Today, the Fed will announce its rate decision (expected to remain unchanged at 3.50–3.75%). However, the focus will be on Powell’s remarks.
PPI (Producer Price Index) data will be released ahead of the Fed meeting, but the reaction may be temporary.
Technically, the market is weak and in a downtrend; the fundamental backdrop is not favorable for gold, though no one has ruled out force majeure events...
Resistance levels: 5015, 5036, 5055
Support levels: 4967, 4909
Technically, consolidation is forming within the downtrend to build momentum for the continuation of the main trend. A break and close below 4967 could trigger a further decline to 4900–4850. However, there is an area of interest at 5015 on the chart, which the market may test before falling. A short squeeze could activate the trigger...