Gold has officially broken the ascending trendline that had held since mid-May, confirming a breakdown in the bullish structure. After failing to breach the strong resistance at 3,445 USD, selling pressure intensified, driving the price down to 3,390 USD — yesterday’s closing level.
This move came right after the FOMC meeting, where the Fed held interest rates steady but maintained a hawkish tone, strengthening the USD and weighing heavily on gold.
While tensions in the Middle East continue to offer short-term support, U.S. monetary policy remains the dominant force. Without a fresh geopolitical shock, gold appears increasingly vulnerable to a deeper correction.
This move came right after the FOMC meeting, where the Fed held interest rates steady but maintained a hawkish tone, strengthening the USD and weighing heavily on gold.
While tensions in the Middle East continue to offer short-term support, U.S. monetary policy remains the dominant force. Without a fresh geopolitical shock, gold appears increasingly vulnerable to a deeper correction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.