GOLD - Correction ahead of the Fed meeting. What next?

Jan 28

XAUUSD hit a new high of 5311 and entered a correction phase (profit-taking) ahead of the Fed's interest rate meeting...

Fundamental situation
Tensions between the US and NATO over plans for Greenland. Trump's threats to impose 100% tariffs on goods from Canada. Fruitless negotiations between Russia and Ukraine
Fed:
Expectations that rates will remain unchanged at the January 31 meeting. Powell's tone and the appointment of a new Fed chair (announcement possible today) could increase volatility. However, the market is pricing in two Fed rate cuts in 2026, despite a possible pause in the near term.
US consumer confidence index fell to an 11.5-year low (84.5), supporting demand for gold

Resistance levels: 5285, 5310, 5350
Support levels: 5250, 5230, 5190

Gold maintains its upward momentum thanks to geopolitical risks and expectations of a soft Fed policy. However, news volatility could trigger a correction before the growth continues. Focus on key (marked) support levels.

Best regards, R. Linda!

Jan 29

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