Gold remains stable as markets await Fed decision

Gold prices held their ground as the market remains on alert for the outcome of the Federal Reserve’s meeting. We believe that if gold holds above, it could attempt to retest the recent high. However, failure to maintain these levels may see prices consolidate or drift lower toward the range before making another directional move. Elevated geopolitical risks and concerns over global growth are expected to continue supporting the yellow metal’s upward bias.

Further fuelling the uncertainty in markets, U.S. retail sales data revealed a surprising rise, reflecting that the American economy may still be resilient. This unexpected economic strength could play into the Fed’s decision-making, potentially influencing whether a more aggressive or conservative rate cut will be announced.

Read more to find out why gold remain stable.