India Gold price today: Gold steadies, according to FXStreet data
Gold edged higher on Wednesday after cracking important $4500 support zone (50% retracement of $4099/$4889 rally / recent higher base) which provides significant headwinds to larger bears.
Gold holds steady near $4,550 as market eyes Middle East developments
Durante la jornada de hoy, y a pesar de la publicación de las minutas de la Reserva Federal, el oro logró sostenerse por encima de la zona de los 4,500 dólares por onza y registró un avance superior al 1.3%. Sin embargo, esta recuperación todavía no es lo suficientemente fuerte como para eliminar el sesgo vendedor que se mantiene desde jornadas anteriores, cuando el precio comenzó a retroceder desde la zona de los 4,700 dólares.
During today's session, and despite the release of the Federal Reserve minutes, gold managed to hold above the $4,500 per ounce area and posted a gain of more than 1.3%. However, this recovery is still not strong enough to erase the selling bias that has been in place since previous sessions, when price started to pull back from the $4,700 area.
Gold remains in a short-term bearish corrective phase after breaking below $4,500, though intraday rebounds suggest slowing momentum and potential bounce toward key moving averages.
Gold rallies as Fed minutes flag hikes, US Dollar slides
The strong pullback in the oil markets raised demand for precious metals.
Ultimately, this is a situation where rates are controlling where gold can go in the short term, but eventually, I believe this will be a bull market.
Gold steadies as markets balance retreat in US yields with Fed hawkish outlook
Gold Price Forecast: XAU/USD languishes below $4,500 amid US Dollar strength
Gold: Downside risk below 200-DMA – Societe Generale