Gold dips near $4,600 amid Federal Reserve decision anticipation

I noticed that gold was very volatile yesterday while waiting for the Federal Reserve's decision. The spot price stabilized around $4,597 per ounce after touching its lowest levels since early April. The problem is that the market is pricing in a near-complete interest rate hold, which directly pressures gold because it reduces its attractiveness compared to yield-bearing assets.

Pressures come from several sources: U.S. bond yields remained high, oil prices rose due to tensions with Iran, and this added inflationary pressures. Gold usually benefits from geopolitical tensions, but this time, the link between geopolitical issues and inflation has made the situation more complex.

From a technical perspective, the price broke below the 4600 level and failed to recover above it, indicating a continuation of the short-term downtrend. The MACD indicator is in a strongly negative zone, and the bearish momentum remains active. The RSI is near 25, indicating a severe oversold condition, but this does not mean an immediate rebound.

Expectations for the coming days suggest gold trading within a range of at least $4,550 to $4,650. If it fails to stay above 4600, it may test 4550 then 4500. However, if a technical rebound occurs from oversold levels, we might see an attempt to retest 4650 and 4700. The critical zone is actually between 4500 and 4600, as it determines whether the selling pressure continues or not.

Monitoring will focus on the U.S. interest rate decision, Fed Chair Powell's statements, and European inflation data. Any signal of monetary easing could support gold, but sustained high interest rates will keep pressure on the metal.