Gold moves at a frequency near $4,600, and the Federal Reserve makes its decision today

I noticed during Wednesday's session that gold stabilized around $4,597 per ounce, but remained under clear pressure. The market is now in a real wait-and-see mode before the Federal Reserve's decision later today. Investors are looking for any signals from Jerome Powell regarding inflation and monetary policy, especially with rising oil prices and tensions related to Iran.

The real problem is that the market has started to price in a near-complete interest rate hold, which means gold's chances of rising are limited in the short term. U.S. bond yields remain relatively high, pulling investments away from the yellow metal. Geopolitical tensions no longer provide traditional support for gold but translate into inflationary pressures that keep interest rates elevated.

From a technical perspective, gold clearly broke the $4,600 level and showed weakness in buying attempts. The MACD indicator is moving in a strong negative zone, and the RSI is near 25, indicating a severe oversold condition. But this does not mean a quick rebound; the decline could continue toward $4,550 and then $4,500.

Regarding gold price forecasts for the coming days, most investment banks expect gold to trade within a narrow range between $4,550 and $4,700. Some see the possibility of testing $4,520 or even $4,450 if pressures persist. But in the medium term, gold price forecasts still suggest the possibility of prices returning to previous highs.

The focus now is on the Fed's decision and Powell’s statements. If he indicates continued monetary tightening, we may see further declines. But any signal of easing pressures could change the scenario. The critical zone now is between $4,500 and $4,600; trading below it means continued selling, while a return above it could indicate temporary stability.