Gold Price Forecast: XAU/USD holds bullish bias near $4,400
Gold (XAU/USD) maintains a bullish bias around $4,400, supported by a weaker US Dollar (USD) and fading expectations of further interest rate hikes by the Federal Reserve (Fed).
Gold (XAU/USD) remains bullish near $4,400, aided by a weaker US Dollar (USD) and expectations of less rate hikes from the Federal Reserve (Fed). However, geopolitical uncertainties and energy price pressures keep inflation worries alive, curbing gold's upward potential for now. On the four-hour chart, XAU/USD shows a bullish near-term bias, trading above both the 100-period SMA ($4,205.68) and 200-period SMA ($4,142.35), maintaining the uptrend.
The horizontal support at $4,365.00 bolsters the consolidation, while the RSI at 56.32 signals moderately positive momentum. Should XAU/USD break above the resistance at $4,450.00, renewed gains may follow, as there are no other significant technical barriers. In the one-hour chart, XAU/USD also displays a bullish bias, staying above the 100-period SMA ($4,382.90) and 200-period SMA ($4,324.87). The RSI near 56 hints at a mildly bullish sentiment without indicating overbought conditions.
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