Gold: Shallow rallies in two-way trading – OCBC

FXStreet Insights Team FXStreet

OCBC’s Sim Moh Siong and Christopher Wong argue Gold may struggle to attract a clear haven bid despite renewed US–Iran tensions, as markets focus more on Oil shock risks, Dollar rebound and broader de-risking. Geopolitical risk could cushion downside, but unless Oil opens contained or real yields ease, rallies are expected to stay shallow, with resistance seen at 4100, 4160 and 4260 and support at 3960 and 3820.

Limited haven bid despite tensions

"Gold. 2-way trades likely. Gold may struggle to draw a clean haven bid from renewed US-Iran escalation."

"Weekend gold futures softened, suggesting that markets may be more focused on potential worries of oil shock, USD rebound and broader de-risking than on adding geopolitical hedges."

"Geopolitical risk may cushion downside at the margin, but unless oil opens contained or real yields ease, rallies may remain shallow."

"Gold last closed at 4088 levels. Mild bearish momentum on daily chart shows signs of fading while RSI showed tentative signs of rebound from near oversold conditions."

"Resistance at 4100, 4160 (61.8% fibo) and 4260 (21 DMA). Support at 3960, 3820 levels (76.4% fibo retracement of Aug low to 2026 high)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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FXStreet Insights Team

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