Gold finds support at 100‑day SMA near 4,600
Gold is holding steady on Monday, supported by the 100‑day simple moving average (SMA) near 4,670, paring losses after Friday’s pullback triggered by robust US jobs data and renewed escalation in the Iran conflict, which dimmed Fed rate‑cut expectations.
The momentum indicators show bearish pressure easing: the MACD is turning higher above its signal line, though still below zero, while the RSI is flatlining just below the neutral 50 level – signalling that, although selling momentum has cooled, the broader negative bias remains intact.
A rebound off the 100-day SMA support could target a key confluence zone where the medium‑term ascending trendline meets the 20‑day SMA at the 50% Fibonacci retracement of the March 2-23 pullback near 4,578. Then, a sustained recovery above 4,850 would be needed to neutralize the emerging downside bias and open the way back toward the 50‑day SMA near 4,944.
Conversely, a clean break below 4,600 would expose the 4,550-4,375 range that contained price action in late March, followed by the 200‑day SMA near 4,150, just above the 4,000 psychological level.
All in all, gold has found some support at 4,600 and is attempting to rebound, but the lack of follow‑through buying keeps the near‑term outlook bearish. Price remains under pressure below the uptrend line despite repeated attempts to reclaim it. Holding above 4,550 is key in preventing momentum from turning decisively more negative.
Today Fundamental Analysis: Oil Breaks Above $102 as Middle East Tensions Continue to Escalate
Today Technical Analysis: Copper Approaches Record Highs on Surging Demand
Dollar struggles to gain ahead of US inflation data, yen extends rally
EBC Markets Briefing | Crude prices on solid footing amid deep supply concerns
The yen is strengthening before our very eyes
The Inflation Measure Keeping the Fed Cautious
US Yields Rise Despite Buybacks; Eyes on ECB Hike
