Key highlights:
- The gold price bounced after the Fed kept rates at 3.50%-3.75%, even as policymakers maintained a tightening bias
- Key technical support is near $4,050, with resistance levels at $4,100 and $4,200
- CoinCodex’s 1-month gold forecast points to $4,311.71 if buyers can hold the current support zone
, the gold price is projected to trade around $4,311.71, indicating moderate upside potential from current levels if buyers can defend the $4,050 support zone and push back above $4,200 resistance.
The key question is whether the market is overestimating how hawkish the Fed will be over the next several months. If Costa is right and rate-hike expectations are too aggressive, gold may be much closer to a durable bottom than the current chart alone would indicate.
Source:: Gold Price Forecast: Traders Are Betting on the Wrong Fed – Here’s What the Gold Chart Is Saying