Gold holds steady below $3,400 as investors wait for the Fed
Gold stayed flat below the $3,400 mark during Asia trading, as many investors held off on making big moves. They’re waiting to hear from the U.S. Federal Reserve, which begins a key two-day meeting today.
A slightly softer U.S. dollar, due to growing belief that the Fed could start cutting rates in September, provided some support to gold.
Tensions in the Middle East and ongoing trade worries also helped gold stay strong, since it’s seen as a safe-haven asset when global risks rise.
Recent weak U.S. economic data—like disappointing retail sales and falling industrial output—added to the idea that the Fed may choose a more dovish approach, benefiting gold.
On the technical side, gold is trading within an upward-sloping channel. That suggests any dips down to $3,340–$3,335 might attract buyers. But breaking above $3,400 and then $3,434–$3,435 could open the way toward its recent high near $3,500.
In short, gold is stuck in a tight range. Investors are holding back until they get clear signals from the Fed and global data.
Impact: Gold might rise if the Fed hints at rate cuts, but could stall or dip if U.S. data improves or geopolitical tensions ease.