Gold – broader bullish momentum holds as post-Fed pullback stabilizes well above key supports

Gold regained momentum on Thursday, rebounding by nearly \$40 after the pullback from its new record high of \$3707 found support in the \$3630 area.

Prices initially spiked above \$3700 following the FOMC decision but quickly reversed as Fed Chair Powell’s comments were interpreted as less dovish than markets had anticipated. The Fed delivered a widely expected 25-basis-point cut and signaled an additional 0.5% in reductions by year-end, yet its projections for 2026 suggested a more cautious stance, with inflation concerns back in focus.

The correction proved significant enough to ease overextended conditions, while remaining shallow enough to preserve the broader bullish trend, as losses were contained above the rising daily Tenkan-sen and well clear of deeper support at \$3614/00 (Fibo 23.6% of \$3311/\$3707 and psychological zone).

The subsequent rebound has already retraced more than half of the \$3707/\$3633 decline, improving near-term outlook and signaling that the corrective phase may be ending. Attention now turns higher, with bulls targeting \$3677/79 (55DMA / Fibo 61.8%) and \$3690 (Fibo 76.4%), the final barrier before retesting the key \$3700 zone.

Daily studies maintain a strong bullish configuration, underpinning the broader uptrend, though some consolidation may be needed given overbought conditions on the intraday charts.

Res: 3673; 3680; 3690; 3700
Sup: 3663; 3658; 3650; 3643