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Gold rises on geopolitical tensions but the path of Fed rate cuts to be the main driver

Gold price rose on Monday, as growing tensions in the Middle East boosted demand for safe haven metal, while markets focused on Fed’s monetary policy meeting this week.

Fresh strength cracked pivotal barriers at $2029 / 37 zone (daily cloud top / Fibo 38.2% of $2088/$2001 bear-leg).

Improving daily studies (14-d momentum is breaking into positive territory and price emerged above the top od rising daily cloud) support the action, but close above $2037 is required to keep renewed bullish bias in play for acceleration towards $2045/55 (Fibo 50% / 61.8% respectively).

Fed’s monetary policy and likely path of rate cuts will be the main driver of metal’s price. The US central bank is widely expected to leave rates unchanged on Wednesday, but markets will be looking for signals of Fed’s next steps.

Although US prices grew moderately in December, annual inflation remains below 3% for a third consecutive month, fueling expectations that the central bank would start easing its monetary policy in coming months.

Gold would accelerate higher in such scenario, with dips expected to find ground at $2000 zone and offer better buying opportunities.

Res: 2039; 2045; 2055; 2068
Sup: 2022; 2010; 2000; 1977