Gold rebounds above $4,130 as Oil retreats, Fed decision looms
Gold price (XAU/USD) registers modest gains on Wednesday as Oil prices edge lower after the US authorized the offloading of cargo from some blocked vessels, triggering a downside reaction in Oil markets.
Gold rebounds above $4,130 as Oil retreats, Fed decision looms, according to FXStreet. The gold price (XAU/USD) gains modestly at $4,133, up 0.25%, after bouncing off daily lows of $4,106. This advance is supported by a retreat in Oil prices, triggered by the US authorizing the offloading of cargo from blocked vessels, and positive developments in the Russia-Ukraine war.
The Federal Reserve's future rate decision is also influencing market sentiment, with a 14% chance of a 25-basis-point hike in October and near 89% odds for a December hike. However, the path of least resistance for XAU/USD is currently downwards, with key support levels at $4,100 and resistance at $4,200.
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