Gold is currently consolidating around 4,680 – 4,700 USD after breaking out of its previous downtrend channel. Price keeps reacting near EMA34 and EMA89, showing temporary balance between buyers and sellers.
The main resistance remains 4,750 – 4,800 USD. Although gold recovered strongly from 4,500 USD, buyers still have not managed to break this zone clearly, and profit-taking continues to appear quickly near the top.
The biggest pressure comes from stronger US inflation data. April CPI rose to 3.8%, while PPI also increased sharply due to higher energy and trade costs linked to Iran tensions. This has reduced expectations for Fed rate cuts and kept both US yields and the dollar elevated.
Oil staying above 100 USD per barrel adds more inflation risk, while India’s higher import duties on gold and silver may weaken physical demand.
Still, the long-term outlook remains supported by central bank buying, ETF inflows, and bullish forecasts from major institutions such as Goldman Sachs and JPMorgan.
Technically, the breakout from the late-April downtrend channel and the improving EMA34 structure suggest selling pressure is fading. For now, XAUUSD may continue moving sideways until inflation cools or the Fed becomes more dovish.
The main resistance remains 4,750 – 4,800 USD. Although gold recovered strongly from 4,500 USD, buyers still have not managed to break this zone clearly, and profit-taking continues to appear quickly near the top.
The biggest pressure comes from stronger US inflation data. April CPI rose to 3.8%, while PPI also increased sharply due to higher energy and trade costs linked to Iran tensions. This has reduced expectations for Fed rate cuts and kept both US yields and the dollar elevated.
Oil staying above 100 USD per barrel adds more inflation risk, while India’s higher import duties on gold and silver may weaken physical demand.
Still, the long-term outlook remains supported by central bank buying, ETF inflows, and bullish forecasts from major institutions such as Goldman Sachs and JPMorgan.
Technically, the breakout from the late-April downtrend channel and the improving EMA34 structure suggest selling pressure is fading. For now, XAUUSD may continue moving sideways until inflation cools or the Fed becomes more dovish.
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.