Over the past 24 to 48 hours, the gold (XAUUSD) market has shown a clear downtrend. After closing at 4542.125 USD on April 29, 2026, gold prices faced pressure amid the Federal Reserve’s reaffirmation of the ‘higher-for-longer’ interest rate stance. The Fed’s commentary pushed the US 10-year Treasury yield to 4.402%, strengthening the US dollar and reducing gold’s appeal as a safe haven asset.

Additionally, oil prices have surged significantly recently, breaking above $100 per barrel, particularly due to stalled US-Iran talks, which heightened inflation fears. Rising energy prices contribute to inflationary pressures, which paradoxically weakens safe haven demand for gold and further drove prices down. In simple terms, for investors, a stronger dollar and higher rates increase the holding costs of non-yielding assets like gold, and inflation worries pushed higher by energy prices add to selling pressure on gold.

In summary, the recent gold price action clearly reflects the interplay between Fed rate hike expectations, a stronger dollar, and rising oil prices. These combined factors have triggered a selloff in gold, compelling investors to reassess their risk and return outlook in the gold market.

Daily Chart

The daily chart reveals a clear downtrend for XAUUSD since mid-April, with price frequently gapping lower and breaking key moving averages such as the 50-day MA, indicating strong bearish momentum. Bollinger Bands are widening downward with prices hugging the lower band, while the MACD shows a bearish crossover with increasing volume. This confirms a dominant bearish trend with major resistance around 4600 and 4650.

1H Chart

The hourly chart over the past 3-5 days illustrates increased volatility with price oscillating near the lower Bollinger Band without a decisive breakout. The MACD remains negative, reflecting short-term bearishness, though some volume spikes suggest potential short-term pullbacks. Key supports lie at 4520 and 4480; breaking below these could trigger further declines.

Technical Trend:  Cautiously Bearish Trend

Technically, the dominant signals are the daily MACD bearish crossover and the breach of significant moving averages, signaling sustained downside risk. A recent hammer candlestick indicates potential short-term rebound, yet low trading volume suggests limited strength. Price holding above 4550 support would increase odds of a rally, but caution is advised as bearish momentum persists.

Today’s economic calendar highlights key data from Europe and the US, including Australian CPI readings indicating ongoing inflationary pressures. US durable goods orders and building permits released later today could strengthen the USD if better than expected, thus pressuring gold further. The Federal Reserve’s interest rate decision at 20:00 GMT+1 will be crucial for near-term gold price direction. No direct events specific to gold but macroeconomic releases will influence sentiment.

Resistance & Support

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