Gold Hits $4,150 Resistance Ahead of Fed Meeting

Gold prices are testing their resistance level at $4,150 as investors await the upcoming Federal Reserve meeting. The meeting is expected to keep rates steady but with a high chance of a hike in September.

Strong inflows into gold exchange-traded funds (ETFs) and continued central bank purchases support a positive long-term outlook for gold.

Silver, on the other hand, is recovering above its moving averages but must surpass $59.94 to gain stronger momentum.

Both metals face pressure from a strong dollar and potential rate hikes, but geopolitical risks and industrial demand provide underlying support.