Gold Price Forecast: XAU/USD prints fresh record before consolidating below $4,600

Gold prints a fresh record at $4,601.32 before consolidating below the $4,600 psychological area
Technical indicators remain skewed to the upside, despite clear overbought signals in the short term.
Key support levels around $4,550 and $4,500 will determine whether the bullish momentum can extend.

Ghiles Guezout FXStreet

Gold (XAU/USD) trades around $4,580 on Monday at the time of writing, up 1.60% on the day. The precious metal reached a new all-time high at $4,601.32 earlier in the day, extending a particularly strong bullish trend seen over recent weeks.

From a macroeconomic perspective, the backdrop remains broadly supportive for Gold, although this aspect has taken a back seat. Persistent geopolitical tensions, concerns surrounding the independence of the Federal Reserve (Fed), and a weaker US Dollar (USD) continue to underpin demand for safe-haven assets. That said, slightly stronger-than-expected US labor data have tempered expectations of aggressive monetary easing in 2026, marginally limiting the metal’s fundamental upside.

Technical Analysis

In the 4-hour chart, XAU/USD trades at $4,584.50. The 50-period Simple Moving Average (SMA) rises above the 100-period one, signaling sustained bullish momentum. Both SMAs trend higher, and price holds above them, with the 50 SMA at $4,431.11 offering nearby dynamic support. The 14-period RSI sits at 73.77 (overbought), indicating stretched momentum that could prompt a pause. Immediate resistance stands at $4,601.32, while support aligns at $4,550.

The rising trend line from $4,274.47 underpins the bullish bias, offering a secondary floor near $4,470.87. Additional support is seen at $4,500, which would be tested on pullbacks if momentum cools. A sustained hold above the cited supports would keep the near-term tone positive, while a rejection near the overhead barrier would tilt price action into consolidation.

(The technical analysis of this story was written with the help of an AI tool.)

Author

Ghiles Guezout

FXStreet

Ghiles Guezout is a Market Analyst with a strong background in stock market investments, trading, and cryptocurrencies. He combines fundamental and technical analysis skills to identify market opportunities.

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