Technical Breakdown: Support Under Pressure
Gold trades near $4,580. The price has fallen 1.2% over the past 24 hours. Sellers push the metal toward a critical support zone.
The 4-hour chart shows a clear downtrend. Lower highs dominate price action since late March. The current support sits at $4,580.
A break below $4,580 would open the door to $4,550. The next support lies at $4,500. That level represents a major psychological floor.
Resistance stands at $4,620. A move above that would face further resistance at $4,650. The 50-period moving average sits near $4,640, adding overhead pressure.
RSI on the 4-hour chart reads 38. This indicates bearish momentum but not oversold conditions. Volume remains moderate, suggesting no panic selling yet.
Macro Headwinds Intensify
The US dollar continues to strengthen. DXY index trades near 100.20, up from 99.50 last week. A stronger dollar makes gold more expensive for foreign buyers.
Treasury yields also pressure gold. The 10-year yield sits at 4.36%, near 2026 highs. Higher yields increase the opportunity cost of holding non-yielding gold.
Strong US jobs data reduced Fed rate cut expectations. Markets now see only a 6% chance of a June cut. Some investors believe rates may not fall until 2027.
Geopolitical risks remain elevated. The Iran conflict continues with no clear resolution. However, safe-haven flows have not materialized for gold. The dollar remains the preferred避险资产.
Key Levels to Watch
Support sits at $4,580, followed by $4,550 and $4,500. Resistance stands at $4,620, then $4,650 and $4,680.
A daily close below $4,580 would confirm bearish momentum. That could trigger a move toward $4,500. A bounce from current levels would need to clear $4,620 to reverse the trend.
What’s Next for Gold?
Gold faces a critical test in the coming days. The $4,580 level has held as support since mid-March. A break below would mark a significant technical breakdown.
Investors will watch upcoming US inflation data. Hotter CPI or PCE readings could strengthen the dollar further. That would add more pressure on gold.
Conversely, any signs of Fed dovishness could spark a gold rally. But current data suggests no urgency for rate cuts. Gold may remain under pressure in the near term.
