GOLD B

The gold price has rebounded slightly from a key support level of $4,500. Technically, the 4-hour chart indicates that the price remains in the midst of a recovery from the recent drop. The move appears primarily technical, fueled by momentum as traders position themselves around the significant $4,500 psychological level.

Key Indicators

• The metal is currently holding above the $4500-4480 zone, which is a crucial medium-term support.

• On the 4-hour chart, XAUUSD is still rebuilding from oversold conditions, and the short-term momentum is curling up.

Fundamental Context

Gold prices have experienced considerable selling pressure last week. Uncertainty regarding a potential new Federal Reserve regime, along with decreasing expectations for interest rate cuts, has led to ongoing weakness in the precious metal.