Gold Prices Hold Steady Amid Fed Pause and Geopolitical Tensions

Gold prices held steady after the US Federal Reserve's decision to pause interest rate hikes. The metal is trading at $4,394, a modest decline from earlier in the day. Despite this slight dip, gold remains above its short- and medium-term moving averages but still lags behind its longer-term average.

The resilient demand for gold can be attributed to ongoing Middle East geopolitical tensions, which have increased safe-haven flows and supported institutional interest. Additionally, a reduced likelihood of further US Federal Reserve rate hikes has improved the environment for non-yielding assets like gold.

Technical indicators are mixed, with some suggesting a strong bullish bias while others indicate neutral conditions. A 70% probability of an upside move in the near term is predicted, with a projected range of $4,333 to $4,456.