If the Fed sounds more dovish than expected following the release of the latest inflation data, this could give gold bulls renewed confidence
Such a development could propel prices through the all-time highs of 3500, especially with continued geopolitical support
However, if the meeting is generally hawkish in tone and Powell expresses caution about future rate cuts, then with investors scaling back their bets on a Fed cut, the Gold could lose some of its luster
Technically speaking, prices are bullish on the daily chart and the weekly close above 3430 signals a move to 3500 and the all-time highs above it. If gold loses this level, it could fall to 3400 and 3360
Gold prices are expected to resume their uptrend and challenge the April highs. Given geopolitical developments, gold's role as a safe haven is more impressive than the US dollar or US Treasuries and cryptocurrencies
After the recent pullback, gold looks set to re-challenge the all-time highs near 3500
Gold words or any pullback is a good opportunity to buy
If we do see further escalation in the Israeli-Iranian situation, the price of gold could continue to move higher
However, if we start to see the situation wane -Iran coming to the table and at least starting to negotiate in some form - maybe the gold price just stays high and moves sideways, with what we've seen over the last few months will continue
Gold hasn't broken out above the highs yet, and I think it needs to escalate further in order for that to happen
For a little bit more aggressive support consider around 3430
then around 3420
On a pullback down it's the 3400 round number
For resistance, resistance around 3450
then around 3462
Rallyville Markets Roy
