FX.co ★ Retired-Mogambo | XAU/USD, GOLD

On June 17, 2026, there was no clear direction in the exchange of gold and silver. Today marked the end of the Federal Reserve's June 16–17, 2026 FOMC meeting. Chair Kevin Warsh led the Fed for the first time. It is anticipated that this conference would offer crucial clarification on monetary policy during a time of high inflation. Gold is still in high demand in the official sector. There are also additional central banks in emerging markets, including the People's Bank of China, which has been a buyer for more than 17 consecutive months. There has been some positive inflation support for real rates and the dollar. On the 2-hour chart, Gold Spot is currently at $4,345. Bullish candles are defending the lower side of the descending blue channel around $4,306, while rejection wicks are still emerging from lower levels. As buyers absorb supply, bullish candles have established higher lows from the swing low of $4,182. Tanker traffic through the Strait of Hormuz is gradually returning to normal as the conditional U.S.-Iran ceasefire, which has been in place for more than eleven weeks, continues to hold. This deal is still unstable. The FOMC convened during June 16–17, 2026. Going forward, the metals are probably going to shift from headline risk to more fundamental trades. The 50-period moving average, meanwhile, is still providing support around $4,320. The market is still neutral with a positive tilt, and the RSI has stayed close to 52. A cluster of volume has developed in the $4,280–$4,320 region, which may serve as pivot levels. The declining trendline around $4,364 continues to limit resistance. As the market moves inside a wider down-channel created from the high of $4,575, the overall market structure is neutral to bullish above $4,306. The market continues to generate higher lows and fair-value formation along Fibonacci areas. Earlier in Wednesday's session, gold surged into resistance, hitting a new rebound high of $4,382 before running into neighboring resistance. Rather than establishing a breakout, the advance eventually reaffirmed the above supply after testing previous support positions as resistance. In particular, the run higher stalled close to the 20-day moving average at $4,390 and the previous swing low of $4,366, which now serves as resistance. This was the second recent instance of a short-term rise failing close to the 20-day average, indicating that price activity is still dominated by the downtrend. If accurate, there might be another challenge of support close to recent lows soon. Wednesday produced a bearish outside-day reversal pattern, with a low of $4,227 as of this writing. However, price action is still close to the session lows and could make a new low prior to the close. But trade is still close to lows, and before the session concludes, a new low can be struck. The decline's overall integrity was maintained because resistance was observed close to the first, more important price zone. It creates a crucial barrier that needs to be overcome before greater costs can be pursued. As the 20-day moving average declines, it will eventually form a dynamic resistance zone that is increasingly lower, strengthening the bearish pattern. The low of an initial support range was represented by the corrective low, which was $4,023 from the previous week. Therefore, before any significant bullish change can be verified, indications of support should be seen, followed by unmistakable proof of strong demand forming above that level. It would be a bearish indication if it didn't. If not, a possible support zone is defined by the long-term uptrend line. The next lower dynamic trend signal is the lower uptrend line because the long-term 200-day moving average broke as support during the decline. There is a potentially important resistance zone a little higher, beginning around the 200-day moving average near $4,462 and climbing to the 50-day moving average around $4,563, assuming gold can eventually recover the 20-day moving average and Wednesday's high. Its potential significance is further enhanced by the fact that both an uptrend line and a downtrend line intersect inside that price range. This convergence of resistance levels is noteworthy because it is consistent with the more general bearish scenario that was first described, in which rallies continue to stall below important moving averages and previous structural support that has become resistance.