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Published: 30 April 2026,06:36
Daily Market Analysis New
The US dollar index extended its gains following the latest policy decision from the Federal Reserve, as markets interpreted the stance as relatively firm amid ongoing inflation concerns.
In what may have been the final meeting led by Jerome Powell, the Federal Open Market Committee (FOMC) voted to keep the benchmark interest rate unchanged within the 3.5%–3.75% range, in line with market expectations. Despite holding rates steady, policymakers highlighted that inflation remains elevated, partly driven by rising global energy prices.
The Fed’s cautious stance has reinforced expectations that interest rates may remain higher for longer, especially if inflation risks persist due to ongoing energy market disruptions linked to U.S.–Iran tensions.
At the same time, U.S. Treasury yields edged higher, supported by rising oil prices and renewed inflation concerns. The combination of elevated yields and a steady policy outlook has provided additional support for the US dollar.
Gold prices initially declined following the stronger dollar and steady Fed stance, as higher yields increase the opportunity cost of holding non-yielding assets.
However, the downside was limited. Gold later rebounded due to technical correction and bargain buying after testing key support levels. In addition, ongoing uncertainty surrounding U.S.–Iran developments continues to provide underlying support for gold’s safe-haven demand, keeping price action volatile.
Looking ahead, both the US dollar and gold will remain highly sensitive to:
While the dollar remains supported by yields and policy expectations, gold is likely to trade in a volatile range, driven by the balance between monetary policy and safe-haven demand.
Technical Analysis
Gold prices are trading higher, currently testing the 4,595.00 resistance level, a key near-term breakout zone.
Momentum is constructive, with the MACD strengthening and the RSI at 52 above the midline, suggesting a recovery bias.
A confirmed breakout above 4,595.00 could extend gains toward 4,725.00.
However, if momentum fades, gold may retrace toward the 4,500.00 support level, with further downside toward 4,415.00.
Resistance Levels: 4595.00, 4725.00
Support Levels: 4500.00, 4415.00
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