In the daily chart, XAU/USD trades at $4,484.03. The metal holds a broadly bearish near-term bias as it remains below the 21-day simple moving average (SMA) near $4,575.88 and the 50-day SMA around $4,629.99, keeping prices capped beneath a cluster of short-term trend resistance. The 200-day SMA at roughly $4,422.28 now offers underlying support after being reclaimed, suggesting the broader uptrend is not yet fully compromised, though momentum remains subdued with the 14-day Relative Strength Index hovering near 42, consistent with a weak recovery rather than an impulsive bounce.
On the topside, initial resistance is seen at the 21-day SMA around $4,576, followed by the 50-day SMA close to $4,630, with the 100-day SMA higher up near $4,800 reinforcing a more substantial supply zone if the rebound extends. On the downside, immediate focus falls on the $4,484 area as a near-term pivot, with the 200-day SMA near $4,422 acting as the next key support, ahead of the prior downtrend-line break region around $4,368, where buyers would need to step in to prevent a deeper corrective slide.
Gold is back in the red early Wednesday, holding below $4,500 after the previous pullback, as sellers retain control amid sustained US Dollar demand and renewed geopolitical concerns. Following a volatile trading day witnessed on Tuesday, Gold is facing fresh headwinds from the ongoing surge in Oil prices as fresh hostilities erupt in the Gulf, fading hopes for a US-Iran peace deal breakthrough and the reopening of the Strait of Hormuz.