**Key takeaways**
* Gold enters the European session after a volatile Federal Reserve reaction that ultimately left the metal trading near key resistance levels rather than extending lower.
* Markets focused less on the unchanged policy rate and more on a hawkish shift in economic projections, higher inflation expectations and a more restrictive policy outlook.
* Treasury yields and the US dollar remain the dominant transmission channels influencing gold positioning.
* The current structure suggests markets are reassessing credibility pricing rather than engaging in outright liquidation.
FXStreet; [Gold faces credibility test as hawkish Fed reshapes expectations](https://www.fxstreet.com/analysis/gold-faces-credibility-test-as-hawkish-fed-reshapes-expectations-202606180448)