Gold's Direction Amidst Geopolitical Tensions: Key Levels Ahead of Fed's Decision

In recent weeks, amidst geopolitical tensions, gold often sought as a safe haven, continued its upward trend despite the strengthening of the dollar. However, with tensions easing and the possibility of interest rates remaining elevated for some time being priced in, gold has experienced a pullback followed by ongoing consolidation. Tomorrow's announcement of the Fed's interest rate decision and subsequent statements may set the direction for gold, with upward movements requiring a breach of the 2350-2355 range. Above this point, key level at 2380 and psychological level at 2400 are observed. On the downside, the initial focus for downward movements lies around the 2315-2320 range. Whether a deeper retracement will occur below this level will be determined by the 2288-2290 range, with a breach potentially leading to the 61.8% Fibonacci retracement level at 2255.