Gold Price Holds Bullish Bias Near $4,400 Amid Weakening USD
The gold price (XAU/USD) continues to hold a bullish bias near $4,400, driven by a weaker US Dollar and fading expectations of further interest rate hikes by the Federal Reserve. The precious metal's upside is being limited by geopolitical risks and energy prices, which are fueling inflation concerns.
In the four-hour chart, XAU/USD remains above both the 100-period SMA at $4,205.68 and the 200-period SMA at $4,142.35, maintaining a strong uptrend. The nearby horizontal support at $4,365.00 underpins the latest consolidation.
A break above the horizontal resistance at $4,450.00 could accelerate bullish pressure, but for now, dips are being bought as price remains above the 100-period SMA and 200-period SMA in both the four-hour and one-hour charts.