Gold Prices Maintain Upward Trend Amid Fed Uncertainty

Gold prices have maintained an upward trend despite signs of slowing momentum as investors await new monetary policy signals from the US Federal Reserve (Fed).

The price is fluctuating around the threshold of $4,650 per ounce, with December gold futures contracts recording a seventh consecutive session creating a new peak on the daily price chart.

Although the closing price was almost unchanged compared to the previous session, gold futures still stand firm above the important technical support zone around $4,692 per ounce, which corresponds to the Fibonacci retreat threshold of 38.2%.

This is a sign that buying power is still present in the market, although the upward momentum has weakened.

Silver prices, on the other hand, have recovered strongly after recent declines, with spot silver prices increasing by about 0.92% to $69.16 per ounce at the time of writing.