Gold Struggles Below $4,450 as WTI Crude Oil Surges
Gold prices have been struggling to gain momentum, unable to break through the $4,450 barrier. The precious metal has been hovering below this level, with a bearish trend line forming on the 4-hour chart at $4,355. This resistance could limit gold's upside potential in the near term.
On the other hand, WTI Crude Oil continues to show strength, remaining above the $100 mark and potentially targeting $110 as its next major resistance level. The Fed's interest rate decision is set to be announced today, which could have a significant impact on gold prices.
The technical analysis suggests that if gold can break through the $4,380 level, it may open up more opportunities for gains. However, a decline below $4,200 could lead to further losses, with support levels at $4,165 and $4,120 potentially being tested.