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Gold Finds Support Near $3,670 With Dollar Rally Fading Post-Fed
Traders' Opinions
Summary:
Gold steadied near $3,672 as dollar strength faded and the Fed’s dovish rate cut boosted safe-haven demand.
Buy
CLOSEDXAUUSD
End Time
3660.03
Entry Price
3750.00
TP
3630.00
SL
3644.39 -15.38 -0.42%
3003
Points
Loss
3630.00
SL
3629.99
CLOSING
3660.03
Entry Price
3750.00
TP
Gold prices steadied on Thursday after briefly sliding to the $3,672 region, with the precious metal regaining some ground as dollar strength faded and investors digested the Federal Reserve’s dovish policy shift. The yellow metal, which had retreated from an all-time high earlier this week in the aftermath of the FOMC decision, appears to have found near-term support as market focus shifts to the broader implications of the Fed’s outlook and ongoing geopolitical instability.
At the center of the rebound is the U.S. dollar’s stalled recovery. The greenback initially bounced after touching its weakest level since February 2022, but momentum faded during the early European session, giving space for gold to attract fresh bids. A softer dollar remains one of the strongest tailwinds for the metal, enhancing its appeal for investors seeking a hedge against uncertainty and eroding yields.
The Fed’s decision on Wednesday to cut interest rates for the first time this year – and its projection of two more reductions before year-end – reinforced the bullish narrative for non-yielding assets like gold. The move came amid mounting evidence of a cooling U.S. labor market, with policymakers signaling that easing conditions justified a more accommodative stance. For gold, which thrives in low-yield environments, the policy trajectory tilts heavily in its favor.
Beyond monetary policy, geopolitical risks remain a critical catalyst. Escalating tensions in Ukraine, where fighting continues to intensify, alongside renewed instability in the Middle East, have reinforced demand for traditional safe-haven assets. Investors appear increasingly willing to pay a premium for protection against geopolitical spillovers, particularly as global trade disruptions and energy price volatility threaten growth.
Still, not all signals point to smooth sailing for gold bulls. Market technicians warn that the metal remains in overbought territory, suggesting some caution may be warranted in the near term. Rapid price surges over recent weeks have left momentum indicators stretched, raising the risk of short-term corrections even within a broader bullish framework.
Technical Analysis
From a technical standpoint, gold has regained traction after leaning on its 50-day exponential moving average, which has acted as a reliable support base. The rebound was further amplified by momentum indicators, such as the Relative Strength Index (RSI), flashing bullish signals after briefly dipping into oversold territory. This suggests that while profit-taking dragged prices lower earlier in the week, the underlying uptrend remains intact.
As long as gold holds above the $3,661.77 threshold, the path of least resistance continues to point higher. A sustained break above $3,668 would open the door toward $3,750 in the short term, a level that could attract further speculative flows. That said, traders are likely to balance optimism with caution, given the overbought conditions that may trigger sharper pullbacks if momentum stalls.
TRADE RECOMMENDATION
BUY GOLD
ENTRY PRICE: 3660
STOP LOSS: 3630
TAKE PROFIT: 3750
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