Resistance below $4,500 and uncertainty over Federal Reserve policy limit gold’s upside despite recent momentum.
Gold prices hovered near $4,434 per ounce after July’s Consumer Price Index aligned with expectations, fueling bets on a dovish Federal Reserve pivot. Technical resistance just below $4,500 and Commodity Trading Advisor (CTA) buy triggers at $4,468 may test the metal’s near-term strength.
The yellow metal has traded in a higher range since July, but analysts caution a breakout toward $5,000 remains unlikely without clearer signals the Fed will halt rate hikes this year. Prior resistance levels and inflation concerns continue to cap upside potential.
Markets await further confirmation on monetary policy before gold can sustain a move above key technical barriers.