Gold Daily | Spot Gold Declines Amid Geopolitical Tensions and Anticipated Fed Policy Decision

【Latest Gold Price and Recent Trends】

Gold prices have seen a slight decline, with spot gold currently at $3,383 per ounce. The market is observing cautious optimism amid geopolitical tensions between Israel and Iran and ahead of the Federal Reserve's policy decision.

【Technical Analysis】

Gold prices have been facing selling pressure around the key level of $3,438, leading to short positions targeting a pullback to the main upward trend line. On the daily chart, gold remains in an uptrend, supported by the expectation of easing policies from the Federal Reserve. The Relative Strength Index (RSI) shows a bullish sentiment near 55. If gold breaks the static resistance at $3,440, the next target could be $3,453, potentially reaching the record high of $3,500.

【Market Sentiment and Economic Background】

Geopolitical tensions between Israel and Iran have heightened, partially supporting gold prices due to increased risk aversion. The market is anticipating the Federal Reserve's decision, which is expected to maintain interest rates. This decision, along with the updated economic forecasts, could influence gold prices significantly. If the Fed's statement appears dovish, it may benefit gold, while hawkish indications could lead to a decline in gold prices.

【Analyst Opinions】

Hamad Hussain from Capital Economics suggests that strong demand from central banks and Chinese investors will limit gold's downside potential. Ricardo Evangelista from ActivTrades notes that traders are cautious ahead of the Fed's rate decision, and while geopolitical tensions provide some support for gold, increased risk appetite in stock markets may pressure gold prices. Analysts highlight that the upcoming Federal Reserve statement will be crucial in determining gold's direction. Christian Borjon Valencia notes that any pullback remains a buying opportunity, as the upward trend is supported by the RSI.