Gold gains ground to near $4,150 as traders weigh Fed rate path - Mitrade

AI desk brief

Gold rebounded to around $4,140/oz in early Asia after sliding to a two-month low, as traders balanced a still-hawkish Fed outlook against softer geopolitical risk after Trump said the US would not attack Iran before the midterms. CME FedWatch implies a 17.7% chance of an October hike and an 81.3% chance of a December hike, a backdrop that keeps real-yield and USD pressure on bullion near term.

Technically, XAU/USD remains vulnerable below the Bollinger middle band and 100-day SMA, with RSI at 39.99 still bearish. Immediate support is seen near $4,060, while resistance sits at $4,240 and $4,265, with $4,420 the next major upside barrier.