Gold prices are moving cautiously after the aggressive rally recorded earlier this month. The market is now trading near the 4,700 USD.
Technically, the broader short-term uptrend remains intact despite recent selling pressure. The 4,680 – 4,650 USD demand area continues to absorb downside momentum effectively. Holding above this zone could open the door for another push toward 4,760 USD, followed by a possible extension toward 4,800 USD if bullish momentum accelerates.
This environment closely mirrors the post Russia–Ukraine shock in 2022, when gold rallied aggressively at first before losing momentum as higher energy costs boosted yields and strengthened the dollar. Safe-haven demand remains present, but monetary policy expectations are currently dominating price action.
From a medium-term perspective, the bullish case for gold is still supported by central bank accumulation, improving ETF inflows, and the possibility of monetary easing later in 2026.
Technically, the broader short-term uptrend remains intact despite recent selling pressure. The 4,680 – 4,650 USD demand area continues to absorb downside momentum effectively. Holding above this zone could open the door for another push toward 4,760 USD, followed by a possible extension toward 4,800 USD if bullish momentum accelerates.
This environment closely mirrors the post Russia–Ukraine shock in 2022, when gold rallied aggressively at first before losing momentum as higher energy costs boosted yields and strengthened the dollar. Safe-haven demand remains present, but monetary policy expectations are currently dominating price action.
From a medium-term perspective, the bullish case for gold is still supported by central bank accumulation, improving ETF inflows, and the possibility of monetary easing later in 2026.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.