Gold price is now trading at $1,928 after a rejection from the $1,948 level.

During the Asian trading hours on Thursday, the gold price (XAUUSD) makes a minor rebound from its recent dip of approximately $1,928. The gold price remained under pressure after the Federal Reserve (Fed) maintained the benchmark policy rate. At 5.5% while making aggressive statements.

Federal Reserve (Fed) kept interest rates unchanged at 5.25-5.50%.

The Federal Reserve (Fed) maintained interest rates at their current levels.

The market had projected a 5.25-5.50% range for its September meeting. Officials are more hopeful that they will be able to reduce inflation without negatively. Impacting the economy or creating severe job losses. In a news conference, Fed Chairman Jerome Powell underlined the Fed’s commitment to reaching 2% inflation. Powel also stated that the Fed is prepared to boost interest rates if necessary.

According to the Fed’s most recent quarterly forecasts. The benchmark overnight interest rate may be raised one more time this year to a high range of 5.50% to 5.75%. And rates may remain much tighter through 2024 than previously projected. The Fed also revised its Summary of Projections (SEP), suggesting that policymakers expect interest rates to reach 5.1% by the end of 2024 (up from 4.6% before).Rising interest rates increase the opportunity cost of investing in non-yielding assets, signaling a bearish prognosis for precious metals.

Gold trader will be watching US Weekly Jobless Claims, Philadelphia Fed, and Existing Home Sales will be released.

Gold traders will be watching the US weekly jobless claims, the Philadelphia Fed, and Existing Home Sales, which are all expected later on Thursday. The preliminary US S&P Global PMI for September will be issued on Friday. These numbers may point to a definite direction for the gold price.

Technical Outlook

Following the Fed interest rate announcement, gold price rejected the $1,948 level on the four-hour chart. The precious gold has held well above the 100-hour Exponential Moving Average (EMA) of $1924.

Meanwhile, the Relative Strength Index (RSI) is in the 40-60 range, indicating that gold is moving in a non-directional path. Until further notice.

resistance levels : $1,950, $1,965, and $1,982

support levels: $1,924, $1,915 and $1,900