Traders eye $4,576 support as gold consolidates near key moving averages before tomorrow’s Federal Reserve commentary.
Gold prices remain above the 38.2% Fibonacci retracement level at $4,576, sustaining momentum from a technical break above $4,200 earlier this month. The metal’s resilience is supported by easing US-Iran tensions and a stagnant dollar, though short-term pressure tests the 100-hour moving average.
Buyers have defended the 200-day moving average, reinforcing a bullish bias, while US Treasury yield caps provide additional tailwinds. However, a drop below $4,575 could trigger a pullback toward $4,525, where the 200-hour moving average lies.
Overnight dip buyers emerged near $4,580, but traders await Fed Chair Warsh’s remarks for directional cues. Bond market movements will remain critical in determining gold’s next leg.