Gold Price Forecast: XAU/USD Holds Above $4,039 as Oil Jumps Before Fed Decision - FXLeaders

AI desk brief

Spot gold is trading near $4,048/oz, down about 0.3% after Tuesday’s 1% rebound, with immediate levels at $4,059 resistance and $4,015 support. The move comes as oil jumps more than $2 after an attack on a Saudi refinery, reviving inflation concerns ahead of the Fed decision at 18:00 GMT and keeping gold sensitive to any hawkish tilt.

Reuters cited spot gold at $4,055.59 and December futures at $4,070.20, while traders are pricing an 84% chance of a December hike. Capital Economics’ Hamad Hussain said higher oil and the risk of a more hawkish Fed stance are weighing on gold; the article flags a stronger dollar as an additional headwind, with a break below $4,015 opening $3,975 and a close above $4,079 needed to negate the bearish technical setup.