Gold's short-term rebound may continue, but technical signals still point to deeper downside targets as a bearish wedge breakdown keeps pressure on prices.
Falling oil markets provided additional support to precious metals.
Despite the recent recovery in XAU/USD, which has posted gains of more than 1.4%, the average performance over the last five sessions still reflects meaningful downside pressure, with a cumulative decline of around -2.1% in the short term.
Gold edges higher as USD weakens, higher-for-longer rates limit upside
The gold market has risen as the interest rate situation in the United States cooled off in the overnight session.
Gold managed to hit the target of 4554 and managed to fall below it. As we see over the chart, Intraday prices remain under pressure with resistance at 4680.
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Central banks bought 244 tonnes of gold in early 2026 as silver faces its 6th deficit year, while XAU rebounds at $4,534 Fib with $4,800 in sight.
Gold is trading at around 4,550 USD per ounce on Thursday, remaining close to its monthly lows. Pressure on the metal continues to build as rising energy prices fuel inflation expectations and increase the likelihood of tighter monetary policy from the world's major central banks.
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