🟡 Gold Price Forecast: XAU/USD Pulls Back to $3,760 Amid Stronger US Dollar

📉 Gold Price Update

• Gold (XAU/USD) has declined to around $3,760, retreating from its all-time high of $3,790 reached on Tuesday.
• This move snaps a three-day winning streak, as the US Dollar gains strength.
• Despite the pullback, gold remains close to record highs, supported by strong gains since mid-August.

🏦 Fed Commentary and Market Impact

• Federal Reserve Chair Jerome Powell stated the Fed will move cautiously on interest rate cuts.
• Powell highlighted persistent inflation risks and a weakening labor market, signaling that aggressive monetary easing is unlikely.
• These remarks have strengthened the US Dollar, putting pressure on gold prices.

📊 Technical Outlook

• Gold has rallied nearly 15% from mid-August lows, and indicators now suggest a possible bearish correction.
• 4-hour RSI has moved away from overbought levels.
• MACD indicator is turning bearish, with a signal line crossover, hinting at further downside.

🔻 Support Levels to Watch:

• $3,750 (intra-day low)
• $3,736 (Tuesday’s low)
• $3,700 (previous all-time high)

🔺 Resistance Levels to Watch:

• $3,790 (Tuesday’s high)
• $3,800 (psychological resistance)
• $3,828 (261.8% Fibonacci extension from mid-September pullback)

💵 US Dollar Performance

• The US Dollar is the strongest currency today, especially against the Euro (+0.54%), Japanese Yen (+0.52%), and British Pound (+0.41%).
• The only currency stronger than the USD today is the Australian Dollar (-0.15%) relative to USD.