Gold Prices Dip as Dollar Strengthens; Fed Meeting in Focus
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Gold prices eased on Monday, slipping to $2,757.29 per ounce, down 0.6%, as the U.S. dollar firmed following President Donald Trump’s announcement of potential tariffs on Colombia.
The dollar index (DXY) gained 0.3%, making gold more expensive for holders of other currencies. Despite this pressure, ongoing geopolitical concerns and market uncertainties continue to support gold’s appeal as a safe-haven asset.
Market analysts suggest that while the dollar’s strength is weighing on gold, the downside remains limited. According to IG market strategist Yeap Jun Rong, the ongoing trade tensions between the U.S. and Colombia could sustain safe-haven demand, potentially leading to further upside for gold. Investors are also looking ahead to the Federal Reserve’s upcoming policy meeting for further direction.
Fed Meeting in Focus
Traders are closely watching the Federal Reserve’s policy meeting scheduled for January 28-29. While the central bank is expected to keep interest rates unchanged, market participants are keen on the Fed’s outlook in response to inflation trends and Trump’s early policy moves.
Recent economic data supports the Fed’s stance on gradual inflation progress, with core inflation steadily moving toward the 2% target. A stable unemployment rate and consistent economic growth further reinforce the Fed’s cautious approach. However, any hints of policy shifts could impact gold’s trajectory, with lower interest rates typically favoring the non-yielding metal.
Meanwhile, COMEX gold speculators have increased their net long positions by 21,864 contracts to 234,358 in the week leading to January 21, indicating bullish sentiment among investors despite recent price fluctuations.
Gold Price Outlook and Key Levels
Gold remains within an ascending channel, trading near $2,757.29. Immediate support is seen at $2,753.00, with further levels at $2,736.41 and $2,723.00 if the downside persists. On the upside, resistance stands at $2,763.54, followed by $2,782.67 and a further target at $2,797.09.

The 50-period EMA at $2,732.07 acts as a crucial support level, indicating that the broader bullish trend remains intact. A sustained move above $2,782.67 could open the door for higher gains, potentially pushing gold towards the $2,811.36 resistance level. However, a breach below $2,753.00 may lead to further declines, testing lower support zones.
Key Insights:
Gold struggles as a stronger U.S. dollar weighs on prices.
The Fed’s upcoming policy decision will shape market sentiment.
Safe-haven demand could limit downside pressure amid global trade tensions.
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