Gold Daily | Spot Gold Rebounds Slightly Amid Dollar Dip, Fed Policy in Focus as Resistance Caps Gains

【Latest Gold Price and Recent Trends】

On Wednesday, spot gold edged up by 0.2% to $3,331.03 per ounce, halting a four-day decline. The price increase was driven by a slight dip in the U.S. dollar. Investors are keeping a close watch on the Federal Reserve's policy decisions for further cues.

【Technical Analysis】

Gold prices are currently stabilizing, with buyers defending the $3,300 per ounce mark. The 20-day SMA acts as resistance at around $3,345, while the 100-day SMA provides support near $3,250. Indicators suggest limited bullish potential, with prices trading below all moving averages on the 4-hour chart.

【Market Sentiment and Economic Background】

Investors are cautious ahead of the Federal Reserve's interest rate announcement. The Fed is widely expected to maintain current rates, with statements from Chair Jerome Powell being crucial for future rate hints. The market's focus is on trade agreements and inflation data, impacting risk appetite and gold demand.

【Analyst Opinions】

Analysts suggest that while gold has rebounded slightly, its upward potential remains capped due to technical resistance and overall market conditions. If the Fed signals an openness to rate cuts in September, this could provide a boost to gold prices. However, immediate policy decisions are expected to keep rates unchanged, which could limit gold's attractiveness in the short term. Expect continued market sensitivity to Fed communications and economic data.