Gold Price Breaks $4,299 as Fed Maintains Hawkish Stance

The price of Gold (XAU/USD) broke through the $4,299 resistance level, but experts warn that this may be a temporary reprieve. According to technical analysis, resistance at $4,311 will require a significant trend change, and even higher levels like $4,332 and $4,350 are potential barriers for further gains.

However, the first support level lies at $4,274, with subsequent supports at $4,257 and $4,235. The Relative Strength Index (RSI) is currently in the lower half of its range, suggesting that sellers may not be fully in control of the market.

The trendline and resistance at $4,299 combined with the previous rising trendline make $4,257 and $4,235 likely support levels. While a move above $4,299 could lead to higher prices, a closing above $4,319 would make the bearish case less likely.