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Gold is stuck around $4,600, and traders are waiting for the Federal Reserve's decision. I noticed that the market is very cautious right now; everyone is watching what Powell will say in his press conference on Wednesday. The dollar is strong due to geopolitical pressure from the situation between the U.S. and Iran, which is clearly putting pressure on gold.
From a technical perspective, the situation looks bearish. Gold against the dollar broke below the $4,670-$4,665 level last night, and the RSI around 40 indicates strong selling pressure. Any upward attempt now may face resistance at $4,668 and then at the 200 EMA around $4,703. If the dollar breaks below $4,555, we may see a deeper decline.
The scene is complex: geopolitical tensions support the dollar as a safe haven, oil prices are high due to the blockade, and this raises inflation fears that could push the Federal Reserve to adopt a more hawkish stance. All of this weakens gold, which does not generate interest. Any short-term rally could be an opportunity to sell.