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.

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

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.

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.