Gold continues to show a strong recovery structure after repeatedly finding buyers around the lower boundary of the recent trading range. Price has been making higher reactions from support, indicating that downside moves are being absorbed rather than developing into a confirmed bearish reversal.
From a fundamental perspective, the recent softer U.S. inflation data and weaker rate-hike expectations are providing support for Gold. Markets are now pricing a significantly lower probability of a September Fed rate hike, reducing pressure from higher interest rates on the non-yielding metal. At the same time, ongoing geopolitical uncertainty and strong central-bank demand continue to support the safe-haven appeal of Gold.
Resistance Level ; 4385 / 4422
Support Level ; 4315 / 4300
Technically, the 4,320–4,350 area remains an important demand/support region. As long as price continues to hold above this zone, the bullish recovery structure remains valid a clean break and close above 4,385 could open the way toward 4,422, while failure to hold the 4,320 area would weaken the current bullish setup.
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From a fundamental perspective, the recent softer U.S. inflation data and weaker rate-hike expectations are providing support for Gold. Markets are now pricing a significantly lower probability of a September Fed rate hike, reducing pressure from higher interest rates on the non-yielding metal. At the same time, ongoing geopolitical uncertainty and strong central-bank demand continue to support the safe-haven appeal of Gold.
Resistance Level ; 4385 / 4422
Support Level ; 4315 / 4300
Technically, the 4,320–4,350 area remains an important demand/support region. As long as price continues to hold above this zone, the bullish recovery structure remains valid a clean break and close above 4,385 could open the way toward 4,422, while failure to hold the 4,320 area would weaken the current bullish setup.
Hope you found this analysis helpful. 👍
Like, Comment & Follow for more updates. Trade safe.
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