XAUUSD, Time frame: daily, tools: SMA35, Source: TradingviewXAUUSD, Time frame: daily, tools: SMA35, Source: Tradingview

Gold prices have been fluctuating between gains and losses for over a month, reflecting the current uncertainty in market direction. Price action has now formed a technical “triangle” pattern, suggesting that this consolidation phase may continue until a clear breakout or breakdown occurs.

Prices rose by nearly 1% in yesterday’s session before pulling back by around 0.7% today, currently stabilizing near the $4,035 per ounce level. This choppy performance follows the Federal Reserve’s decision to hold interest rates steady, while voices supporting further monetary tightening continue to grow louder. The Fed Chair also maintained his usual stance of avoiding forward guidance, adding to market uncertainty. Following the meeting, U.S. Treasury yields moved higher, reinforcing their role as a key competitor to gold.