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From a technical standpoint, the market is consolidating just below $3,380.20—now a clear resistance level. A sustained move above this line could reignite bullish interest and signal fresh upside.
On the downside, support sits in the $3,228.38 to $3,164.23 retracement zone. This is the area dip buyers are watching.
The longer-term trend remains supported by the 50-day moving average at $3,049.65, giving bullish traders room to reenter if the market pulls back further.
At this point, the strategy comes down to trader preference: buy into strength above $3,380.20 or wait for a dip into support.
Fed Stays on Hold, Real Rates Still Favor Gold
Federal Reserve officials signaled no urgency to change policy, keeping rates steady as they assess tariff-related impacts on the economy. With real rates still low and inflation expectations anchored, the backdrop remains broadly supportive for gold. Traders are also monitoring physical demand from India, which could pick up if prices correct further.
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