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The gold market today remains in a wait-and-see mode. The XAUUSD price is trading within a narrow range of $4,668-$4,710 ahead of the Fed meeting that has already begun. The market is pricing in a 99.5% chance that interest rates will stay unchanged, but the key is what Powell will say in his final speech.
What cannot be overlooked is the situation in the Middle East. The US rejected a deal with Iran, causing Iran to turn to Russia. As a result, Brent crude oil surged past $108. This raises concerns about inflation, but gold is not rallying because the dollar is strong and interest rates are high, putting downward pressure on gold prices.
Looking ahead, GDP and Manufacturing PMI data will be released this week. If the figures come out strong, gold prices could fall to $4,645 or lower. However, if the news is not as expected, prices might rebound to test the resistance at $4,730.
For today, if trading short-term, buy on dips near the support level of $4,670 or sell near the resistance at $4,706-$4,710. But avoid trading within the range; waiting for a major news event is better.