Gold Price Forecast: XAU/USD remains pressured below $4,700 amid firm USD

Gold remains capped below $4,700, pressured by a stronger US Dollar and reduced Fed rate cut expectations.
Geopolitical tensions around the Strait of Hormuz support the Greenback and weigh on the non-yielding metal.
XAU/USD keeps a bearish bias below key moving averages, with downside risks.

Ghiles Guezout FXStreet

Gold (XAU/USD) remains under pressure on Thursday but holds near $4,700 at the time of writing, showing some resilience despite an unfavorable backdrop.

The rise of the US Dollar (USD), supported by geopolitical tensions surrounding Iran and the Strait of Hormuz, weighs on the yellow metal. At the same time, persistent inflation concerns are reducing expectations for Federal Reserve (Fed) rate cuts, further strengthening the Greenback and pressuring the non-yielding asset.

Although geopolitical risks remain elevated, the overall backdrop stays bearish for Gold, and markets are awaiting a clear break below $4,700 to confirm a deeper decline.

Technical Analysis: Persistent downward pressure

In the four-hour chart, XAU/USD trades at $4,697.86, maintaining a bearish near-term tone as price holds beneath the 100-, 200- and 50-period simple moving averages (SMAs) clustered between roughly $4,746 and $4,782. The break lower from the prior uptrend leaves Gold leaning on former trend-line support around $4,684, while the Relative Strength Index (RSI) around 39 suggests weak downside momentum rather than outright oversold conditions.

On the topside, initial resistance is now seen at the 100-period SMA at $4,746, followed by the 200-period SMA at $4,762 and the 50-period SMA near $4,782, which together form a dense supply band that would need to be reclaimed to ease bearish pressure. On the downside, immediate support is aligned with the rising trend line around $4,684; a clear move below this area would expose the next notable horizontal floor near $4,554.

(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.

EUR/USD gathers strength to near 1.1550 ahead of ECB rate decision

The EUR/USD pair trades in positive territory near 1.1540 during the early Asian trading hours. Rising bets that the European Central Bank will deliver a rate hike at its June policy meeting later on Thursday underpin the Euro against the Greenback.

GBP/USD nudges higher above 1.3350 despite rising Fed hike bets

The GBP/USD pair gathers strength to around 1.3385 during the Asian trading hours on Thursday. However, the potential upside might be limited amid rising expectations for higher-for-longer US interest rates. Markets might turn cautious later in the day ahead of the US Producer Price Index report.

Gold steadies above YTD low on softer USD; bearish bias remains amid Fed hike bets

Gold fades a modest Asian session bounce to the $4,118 region, though it manages to hold above the lowest level since November 2025. A softer Core US Consumer Price Index eased concerns about a runaway inflation spiral, weighing on the US Dollar and prompting some intraday short-covering around the precious metal.

Crypto Overview: Bitcoin consolidates above $60,000 – CRV, WLFI, XMR lead gains

The broader cryptocurrency market maintains risk-off sentiment as Bitcoin lingers above $62,000 at press time on Thursday. The mild recovery in BTC fails to lift the Fear and Greed Index, which at 15 continues to signal extreme fear among investors. Still, certain altcoins, Curve DAO, World Liberty Financial, and Monero, have emerged as top performers over the last 24 hours.

From sizzle to fizzle: Tech sinks as Oil puts the Fed tail back on the table

Wall Street was not hit by one punch. It was caught between three swinging doors at the same time: a renewed technology unwind, a fresh geopolitical oil bid, and a wave of equity supply that is starting to look less like capital formation and more like a liquidity test for the entire AI complex.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.