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Gold Price Forecast: Stability at $2,379 Amid Geopolitical Tensions and Fed’s Rate Strategy

Gold’s price remains stable at $2,380 per troy ounce, closely approaching record highs as the market awaits Israel’s next move following Iran’s recent air strike.

GOLD Price Chart

The uncertainty surrounding Israel’s delayed war cabinet meeting adds to the cautious sentiment, driving investors towards the traditional safety of gold.

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US Economic Strength Challenges Gold’s Appeal

Federal Reserve Chairman Jerome Powell, in a recent speech, indicated a slower approach to interest rate cuts, noting the U.S. economy’s resilience and ongoing inflation concerns. This stance could diminish the attractiveness of non-yielding assets like gold, as Powell pointed out the challenge of returning to the 2% inflation target.

Investor Focus on Upcoming Economic Data

The likelihood of the Fed maintaining current interest rates into June has increased, affecting gold investment strategies. With key economic data such as U.S. Initial Jobless Claims due for release this Thursday, and additional comments from Fed officials anticipated, investors remain vigilant. These factors collectively play a crucial role in shaping the near-term trajectory of gold prices, emphasizing the complex interplay of global geopolitical developments and domestic economic policies.

Gold Price Forecast; Technical Outlook

On April 17, Gold is trading at $2,379.93, marking a slight decrease of 0.14%. The precious metal’s technical setup shows it hovering just above its pivot point of $2,373.37. If Gold maintains above this level, it remains positioned for potential gains, with immediate resistance seen at $2,400.53. Further resistance lies at $2,418.52 and $2,435.38, which could cap upward movements.

GOLD Price Chart

Conversely, should Gold slip below its pivot, it might face downward pressure with immediate support at $2,355.01. Additional support levels are identified at $2,329.38 and $2,303.59, which could be tested if selling intensifies.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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