Commodities
Gold Consolidation Continues Below $4,500 Amid Easing Fed Hike Fears
The gold price has been consolidating below $4,500 as the Federal Reserve's interest rate hike fears subside. The 50-day EMA is approaching the 200-day EMA on the gold daily chart.
Market analysts are watching external factors, including the conflict in the Middle East and energy inflation, which could impact the market. However, traders are cutting bets that the Federal Reserve might not hike interest rates at all this year, a significant shift from concerns about multiple hikes just a few months ago.
The market is expected to remain noisy and indecisive, but buyers seem resilient recently. The US dollar's major point of inflection is also being closely watched.