Gold futures surge above $3,347 as USD weakens on Fed rate cut hopes

Gold futures have pushed above the critical $3,347.4 Point of Control level, gaining momentum as the US dollar weakens amid growing expectations for Federal Reserve rate cuts. The precious metal is testing bullish territory with increased trading volume at this key pivot point, suggesting strong buyer interest. Technical indicators show VWAP deviations providing dynamic support levels for traders to manage positions effectively. The weakening dollar, driven by market pricing in potential Fed easing cycles, has enhanced gold's appeal as a safe-haven asset. Immediate resistance appears at the upper VWAP bands, while the $3,347.4 POC now acts as crucial intraday support. Traders are closely monitoring US economic data releases that could influence Fed policy decisions. A sustained break above current levels could accelerate gains toward $3,400, while failure to hold above the POC might trigger profit-taking back to lower VWAP support zones.