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I noticed that gold has started to regain some momentum after a very tough week. The price is now moving around $4,700 approximately, and the weak dollar is helping it a bit to rise. The problem is that investors are still cautious because the Federal Reserve decision is coming, and everyone is hesitant about what they will do.
From a technical perspective, the critical level we need to watch is $4,725. If gold breaks it and closes above, we might see a gradual rise toward $4,800 and $4,900. But if it breaks below $4,650, selling pressure could return strongly and push the price down to $4,600.
The factors currently moving the market: the Federal Reserve decision (the most important), Middle East news and negotiations, and the strength of the dollar. Regarding gold price forecasts for the coming days, most analysts expect the price to stay between $4,600 and $4,800 until the situation clears up. Technical indicators suggest a potential bottom formation, but the momentum is a bit weak. The truth is, the market needs a major event to decide the next trend.