Gold Chart Setup: Fibonacci Zone Tested as Fed Hikes Loom

Gold's technical setup is under scrutiny as markets digest the possibility of the Fed delivering multiple rate hikes rather than a single move. Spot price is hovering near a key Fibonacci retracement zone, a level that has historically triggered sharp reversals in prior tightening cycles.

The 100-day moving average is converging with this Fibonacci cluster, creating a technically significant confluence zone. RSI has slipped toward neutral territory, suggesting momentum is fading rather than reversing outright.

Bulls need a decisive bounce from this confluence to preserve the broader uptrend structure; a break below would expose the metal to deeper corrective moves as real yields climb alongside hawkish Fed signaling.