Gold prices remain under pressure, trading near a one-week low, as elevated U.S. bond yields and a stronger U.S. dollar weigh on the precious metal. Expectations of a less dovish Federal Reserve and strong U.S. economic data, including a rise in services and composite PMIs, contribute to this bearish bias.
The upcoming FOMC decision is a key focus, with markets anticipating a 25-basis-point rate cut. However, traders are awaiting guidance on the Fed’s future rate path, particularly from the dot plot and Chair Jerome Powell’s remarks.
Geopolitical risks, including U.S. sanctions on North Korea and Russia and tensions in the Middle East, provide some support to gold as a safe haven. From a technical perspective, $2,644–$2,643 acts as immediate support, while $2,664–$2,666 is the near-term resistance. A break below $2,600 may signal further downside, while strength above $2,700 could revive an upward trajectory.


