Gold prices rebounded to 4,400.GoldOANDA:XAUUSDMoon-ForexAcademy1. Fed remains the key driver The Federal Reserve raised interest rates by 25 bps to 3.75%–4.00% on September 16, its first hike since 2023. The Fed also left the door open to another increase, keeping monetary policy restrictive. This remains a structural headwind for gold because higher rates increase the opportunity cost of holding a non-yielding asset. 💵 2. USD and Treasury yields Immediately after the Fed decision, the dollar and short-term Treasury yields strengthened, putting pressure on XAU/USD. However, on September 17 the dollar and yields retreated, helping gold rebound sharply. The 10-year Treasury yield remains close to 5%, so yields are still an important downside risk for gold. 🛢️ 3. Oil prices are becoming important Falling oil prices have recently reduced concerns about another inflationary shock. Lower energy prices can ease expectations for further Fed tightening, which is positive for gold. Reuters reported that gold gained more than 2% on September 17, supported by lower oil prices, a weaker USD and falling Treasury yields. 📌 Fundamental conclusion Bullish factors: 🟢 Weaker USD 🟢 Lower Treasury yields 🟢 Falling oil prices 🟢 Geopolitical/safe-haven demand Bearish factors: 🔴 Fed remains hawkish 🔴 Interest rates are now 3.75%–4.00% 🔴 Yields remain elevated 🔴 Further Fed tightening remains possible ---------------- BUY GOLD zone : 4333 - 4328 SL : 4323 TP : 4345 - 4368 - 4400