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macroJul 22, 2026, 9:23 AM

Gold finds floor but upside uncertain as USD rallies on geopolitical tension

Gold appears to have established a support level, but the ceiling remains unclear as the US dollar strengthens and oil prices climb amid geopolitical risks and mixed Fed rate expectations.

XAUUSDXBRUSD

The US dollar has rallied for four consecutive days, supported by airstrikes against Iran. Unconfirmed rumors of a temporary ceasefire have kept Brent crude near $93 per barrel, fueling inflation concerns. Market odds for two Fed rate hikes in 2026 stand at 50/50, which continues to underpin the dollar and may cap gold's upside.

Gold has found a floor, but the path to new highs is clouded by these macro headwinds. The interplay between safe-haven demand and a stronger dollar leaves the metal's ceiling unclear for now.

Source: FXStreet Forex News