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Gold's price action has changed notably during the week. Over the last four trading sessions, the precious metal has advanced only slightly more than 1%, highlighting a clear slowdown around the $4,600 per ounce area.
Gold was down nearly 1.5% on the session, with US indices and Bitcoin also struggling. Is this a mere pause before more gains are seen, or have we already seen the end of the recent bullish advance?
Gold has started the week on the front foot, climbing to a high so far of $4680 per ounce. This comes after the precious metal extended its winning streak to three consecutive weeks with another strong advance Friday.
As trading comes to a close this week, one of the most relevant themes across financial markets continues to be the strength displayed by gold in the short term. Over the last three trading sessions, the precious metal has gained nearly 7%, highlighting the return of a meaningful bullish bias within the market.
As the week unfolds, gold dynamics have been defined by prolonged consolidation. Over the last 5 sessions, XAU/USD has barely registered an average variation of 1.00%, lacking clear direction and cementing a strong neutral bias.
Gold was higher first thing this morning, extending its gains made on Friday when softer US retail sales data undermined the dollar. But with the US-Iran situation continuing to drag on, oil prices are remaining elevated, and this is helping to keep inflationary pressures intact and supporting bond yields. For that reason, my gold forecast remains cautious for now and expect the metal to potentially ease back after staging a decent rally in the couple of weeks. For now, though, it was holding steady, awaiting direction from bond and oil markets.
Bond yields pushed higher again on Friday as the consolidation near the upper end of the recent range continued, mirroring the price action of oil prices, posing threat to the gold recovery attempt.
Gold prices recovered in the first half of Friday’s session after yesterday’s decline, helped by another batch of softer US economic data. The rebound could lose momentum however as oil prices pushed higher ahead of the weekend.
Gold has wobbled after its breakout, but bullish positioning and options signals suggest dip buying could remain supportive.
Gold prices we have been contained for much of the session so far today after a sharp rebound last week, climbing almost 7.5% after spending several weeks moving sideways around the $4,000 level. The strength of the move has put the precious metal firmly back on traders’ radar, but the key issue now is whether this breakout can develop into a more sustained uptrend or whether it ultimately proves to be another sharp rally within a broader consolidation phase.
Gold, Silver Price Forecast: Gold and silver remain above major long-term support ahead of the Fed decision. Explore key technical levels, the DXY outlook, and bullish and bearish scenarios.
Once again, gold is showing signs of short-term weakness. Over the last 4 trading sessions, XAU/USD has accumulated a decline of nearly -2.4%, highlighting a relevant selling bias ahead of the Federal Reserve decision.
The last two trading sessions have been important for gold. The precious metal has gained more than 3.5% during this period, showing renewed short-term bullish momentum.
