Gold Price Near $3,335 But Lacks Strong Momentum
Gold price today (XAU/USD) moved up slightly and is trading close to $3,335. However, the rally doesn’t seem strong, as traders are still unsure about the next move. The precious metal is showing limited upside in current market conditions.
Why Gold Is Moving Up
Gold is rising slowly because of safe-haven buying. Some investors are still cautious due to global uncertainties and possible trade tensions. At the same time, the US Dollar strength has reduced a little, which made gold slightly more attractive in the market.
Fed Rate Cut Hopes Are Fading
Gold’s gains are limited because traders now believe the Federal Reserve may not cut interest rates soon. The latest US inflation data showed prices are still rising, which means the Fed might keep rates higher for longer. Higher interest rates usually make gold less appealing since it doesn’t pay interest.
Gold Price Technical Outlook
Right now, gold has support near $3,320, and resistance around $3,342–$3,343. If it breaks above this range, it could reach $3,365–$3,366. But if it drops below $3,320, we may see a further decline.
Impact:
Gold might stay range-bound for now. If US inflation slows down or global risks increase, gold could rise. But strong US data may keep gold under pressure.