Gold Daily | Gold Prices Steady as Fed Rate Decision and Global Uncertainties Influence Market Trends

【Latest Gold Price and Recent Trends】

Gold prices have steadied around $2,648 per ounce after a recent decline, following four days of gains. The potential Fed rate cut next week and global uncertainties, including Donald Trump's political influence, are key factors affecting gold's trajectory.

【Technical Analysis】

Gold is testing key technical levels with a focus on the 2651.58 pivot point. A break above could indicate a bullish trend, targeting resistance at $2,672.83 and $2,693.50. However, failure to break might lead prices down to support at $2,632.97 and $2,613.04. Current price consolidation suggests market indecision with major moving averages indicating a continued bearish tone.

【Market Sentiment and Economic Background】

Market sentiment is cautious as traders await the Fed's monetary policy decision and economic forecasts for 2025. Recent strong U.S. retail sales, coupled with inflation data, suggest possible pauses in rate cuts. The global economic context, including geopolitical tensions and economic indicators, continues to influence market dynamics.

【Analyst Opinions】

Analysts suggest a potential "hawkish cut" from the Fed, with a slower pace of rate reductions. If the Fed signals fewer rate cuts for next year, it could lead to a stronger dollar and pressure on gold. Analysts recommend monitoring key support zones at $2,610 where strategic buying could be considered, while resistance at $2,720, if breached, could signify further upward movement.