- Gold pares losses just below the uptrend line.
- Momentum signals show easing bearish pressure, but negative bias still holds.
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.
