Gold price continues its positive trend for the third consecutive day, hovering near the weekly high after the Federal Reserve delivered what some expected to be its last rate hike. The safe-haven appeal of the precious metal is being bolstered by concerns of an upcoming recession, ahead of key events like the ECB decisions and significant US macro data. However, potential rate hikes by major central banks could impede XAU/USD's progress.

The XAU/USD pair shows an upward trend confirmed by Turtle 55 Strategy signal on 26/7/2023, testing the $1,982 resistance. The Bollinger Bands on the 1-hour chart indicate a bullish bias, with the price well above the SMA 20 trendline. A breakout above $1,982 could reinforce the bullish sentiment, targeting the next resistance around $1,993. The bullish outlook holds as long as the price remains above $1,964. A drop below that level could expose Gold to a support level near $1,954.

Support levels: $1,964, $1,954

Resistance levels: $1,982, $1,993

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