Gold Retreats as Focus Shifts to FOMC Press Conference

With geopolitical tensions easing and supported by economic data suggesting the possibility of higher interest rates in the United States for some time, the yellow metal has retreated approximately $150 from its peak of 2430. The statements made during tonight's FOMC press conference will likely be decisive until another geopolitical risk factor emerges. In the event of any announcement that positively affects the dollar, the first level to watch below gold would be the 2270-2280 range, which also coincides with the 200-period moving average on the 4-hour chart. Below this level, the 2255-2260 range would be observed, which corresponds to the 61.8% Fibonacci retracement level. Below that, attention would shift to the 2230 level. In case of upward moves, the initial resistance level to monitor would be 2295, with the 2315-2320 range available above it. Beyond this level, the likelihood of the movement continuing towards the 2355-2360 range would increase.