Gold extends downside consolidation around $5,000 early Wednesday, awaiting the Fed for a clear direction.
The US Dollar holds the profit-taking-led corrective decline as the Middle War rages on.
Technically, Gold eyes a decisive break below the 50-day SMA at $4,976 as RSI remains below 50.
Gold is hanging around the $5,000 psychological level early Wednesday, at its weakest level in a month, as traders keenly await the US Fed monetary policy announcements for a fresh directional impetus.
Fundamentally, nothing seems to have changed for Gold traders as a protracted war in the Middle East continues to lend support to Oil prices, keeping inflationary concerns and hawkish Fed expectations alive, in turn, weighing negatively on the non-yielding bullion.
However, the downside remains capped so far this week, as the USD has pulled back from ten-month highs reached against its six major currency rivals. Traders resorted to profit-taking on their USD longs ahead of the critical Fed monetary policy meeting on Wednesday.
The Fed is widely expected to keep the benchmark interest rate unchanged at 3.50%-3.75%, but all eyes will remain on the 2026 interest rate path, as signalled by the Dot Plot chart and Chairman Jerome Powell’s tone during the post-policy meeting press conference.
Any revisions to the inflation and growth forecasts will also be closely scrutinized amid the energy shock, fuelled by the Middle East war.
In the lead-up to the Fed event risk, Gold could take temporary cues from the US Producer Price Index (PPI) data and the war headlines.
日々のテクニカル分析
Watch the $4,976 level closely — a break below the 50-day SMA could open the door for further downside if the Fed reinforces a higher-for-longer stance and pushes rate cut expectations beyond September.
Any upward revision to inflation forecasts would add to the pressure on Gold, while even a subtle hint of a rate hike could accelerate the sell-off. The next critical supports are seen at the $4,900 round level and the 38.2% Fibonacci Retracement at $4.858.
On the upside, if Jerome Powell strikes a dovish tone and downplays inflation risks despite rising oil prices, it could shift expectations toward an earlier rate cut.
In that case, look for Gold to reclaim $5,141 — a move above this 61.8% Fibonacci Resistance level could signal renewed bullish momentum. Ahead of that level, the $5,100 level could test the bearish commitments.
FRBがタカ派に転じた場合、金は50日SMAのサポートを割る可能性
Gold is hanging around the $5,000 psychological level early Wednesday, at its weakest level in a month, as traders keenly await the US Fed monetary policy announcements for a fresh directional impetus.
Fundamentally, nothing seems to have changed for Gold traders as a protracted war in the Middle East continues to lend support to Oil prices, keeping inflationary concerns and hawkish Fed expectations alive, in turn, weighing negatively on the non-yielding bullion.
However, the downside remains capped so far this week, as the USD has pulled back from ten-month highs reached against its six major currency rivals. Traders resorted to profit-taking on their USD longs ahead of the critical Fed monetary policy meeting on Wednesday.
The Fed is widely expected to keep the benchmark interest rate unchanged at 3.50%-3.75%, but all eyes will remain on the 2026 interest rate path, as signalled by the Dot Plot chart and Chairman Jerome Powell’s tone during the post-policy meeting press conference.
Any revisions to the inflation and growth forecasts will also be closely scrutinized amid the energy shock, fuelled by the Middle East war.
In the lead-up to the Fed event risk, Gold could take temporary cues from the US Producer Price Index (PPI) data and the war headlines.
日々のテクニカル分析
Watch the $4,976 level closely — a break below the 50-day SMA could open the door for further downside if the Fed reinforces a higher-for-longer stance and pushes rate cut expectations beyond September.
Any upward revision to inflation forecasts would add to the pressure on Gold, while even a subtle hint of a rate hike could accelerate the sell-off. The next critical supports are seen at the $4,900 round level and the 38.2% Fibonacci Retracement at $4.858.
On the upside, if Jerome Powell strikes a dovish tone and downplays inflation risks despite rising oil prices, it could shift expectations toward an earlier rate cut.
In that case, look for Gold to reclaim $5,141 — a move above this 61.8% Fibonacci Resistance level could signal renewed bullish momentum. Ahead of that level, the $5,100 level could test the bearish commitments.
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金、売られ過ぎと湾岸戦争でリスク後退
湾岸戦争の激化でゴールドは暴落、反転はあるか？
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