The price of Gold continues to display strong bullish momentum, being supported by moving averages (MAs) across various charts suggesting that the bullish trend, prompting traders to buy gold on dips. Geopolitical concerns are contributing to a cautious market sentiment, leading investors to seek refuge in safe-haven assets.

GOLD experienced a decent price increase earlier today, reaching a high of $2,392.70, representing almost a 1% gain before retracing. Currently, the metal is trading above its pivot point of $2,378, suggesting a bullish sentiment in the market, with moving averages providing additional support. If buyers continue to push the price higher, key resistance levels to watch out for include $2,400, followed by $2,420, and $2,431.

Gold Chart H1 – MAs Providing Support During Pullbacks

FED member Wiliams as well as a few others made hawkish comments earlier, even mentioning rate hikes again, which have been helping the USD in the US session. Overall, these factors are likely driving continued interest and investment in GOLD and SILVER .

New York Fed President Williams Speech

1. He does not feel an urgent need to cut rates.
2. Monetary policy is data-dependent, and recent data has been positive.
3. The economy is strong, and economic imbalances have been reduced.
4. Fed rates have not significantly slowed the economy.
5. Overall, monetary policy is in a good place.
6. Eventually, interest rates may need to be lower.
7. Rate cuts will depend on economic activity.
8. Rate hikes are not his baseline forecast, but if data suggests higher rates are needed, the Fed would hike.
9. The Fed has work to do to lower inflation.
10. The Fed’s 2% inflation goal is the right objective.
11. It is critical for the Fed to achieve its 2% inflation goal.
12. The economy is back on the pre-pandemic growth track.
13. He is monitoring the performance of China’s economy.

Gold Live Chart