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Price: The spot gold price (XAU/USD) is currently around $4,770.2 USD, up approximately 3.45% in the last 24 hours. Futures gold prices opened at $4,745.00 today.
Market Trend: Gold is still moving within an clearly defined (uptrend) channel, maintaining the overall bullish structure intact. However, the price was rejected at an important resistance area around $4800 and moved into a weak sideways condition, indicating a consolidation phase.
Key Levels: Gold managed to stay above the support level (support) at $4,700. The main support zone is around $4,513, while the resistance zone (supply) is around $4,735.
Driving Factors: The gold market is currently stagnant and "holding its breath" ahead of the PCE inflation data release, waiting for the Federal Reserve (The Fed) US policy direction. The dovish (soft) outlook for Fed policy tends to restrain USD buyers and helps limit gold declines. Additionally, geopolitical risks also support gold prices.
$XAUT