Well, so far there's been a lot of familiarity. Coming into the week it was the same 4850 resistance level that gold has tested thrice and that buyers weren't able to push above.
Gold is at a crossroads, with the Daily chart showing a long-term bullish trend and the price consolidating tightly between the crucial $4,700 support and $4,750 resistance. A breakout from this narrow range is expected to dictate the immediate direction for XAU/USD
Gold price slips as strong dollar and rising yields weigh, while oil above $100 lifts inflation risks and delays Fed cuts, shaping the gold market outlook.
Gold rebounds modestly but remains pressured by higher-for-longer interest rate outlook
Gold Price Forecast: XAU/USD remains pressured below $4,700 amid firm USD
Gold fell below 4695 which could lead to a further drop. As we see from the chart, the market is facing a resistance zone at 4765-95, where as long as prices hold below it, the drop pressure could continue as support at 4554 could push for a rebound.
Gold (XAUUSD) holds $4,700 as geopolitical tensions in the Strait of Hormuz offset a softer dollar. Is a massive breakout or a plunge to $4,600 coming next?
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data