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Hawkish Fed Fuels Gold Sell-off: Gold Dives Below $4300 Amidst Rate Hike Fears 
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Gold climbs sharply above $3400 as Israel and Iran tensions have increased demand for safe-haven assets. It hit an intraday high of $3440 and is currently trading around $3439.
On June 13, 2025, Israel launched a massive attack on Iran, targeting nuclear and military facilities across the country, including Tehran. They claimed that Iran's growing nuclear program was posing an existential threat, signaling the beginning of ten phases in the operation.
Rate Hike Bets Cool: Fed Watch Sees Near-Certain June Pause
According to the CME Fed Watch tool, the chances of a rate pause in the June 18th, 2025 meeting have increased to 97.3% from 96.60 % a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short-term moving averages 34 EMA above 55 EMA and long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $ 3,400, and a break below this level will likely drag the yellow metal to $ 3,385/$3,367. The near-term resistance is at $ 3,450, with potential price targets at $ 3,475, $3,500, and $3,550.
It is good to buy on dips around $3400 with a stop-loss at $3300 for a target price of $3385.
