XAU/USD remains above key moving averages, bolstered by a softer dollar and reduced Fed rate hike expectations.
Gold (XAU/USD) trades near $4,400, supported by a weaker US Dollar and fading expectations of further Federal Reserve interest rate hikes. The metal’s uptrend remains intact, with price action holding above critical moving averages.
In the four-hour chart, XAU/USD stays above the 100-period simple moving average (SMA) at $4,205.68 and the 200-period SMA at $4,142.35. Near-term support is seen at $4,365.00, while resistance at $4,450.00 could accelerate gains if breached. The Relative Strength Index (RSI) at 56.32 indicates moderate momentum.
Geopolitical risks and energy price tensions continue to weigh on inflation expectations, capping immediate upside. However, the broader bullish structure remains intact unless key support levels are broken.