Gold Market
Deeper looks at the forces setting the gold price.
Gold is approaching $4,500 for the first time in over two months as the US dollar weakens. The US Treasury’s decision to double debt repurchases has weighed on the greenback, supporting bullion.
Real interest rates determine the opportunity cost of holding gold, making them a powerful driver of its price.
The US dollar and gold typically move in opposite directions due to pricing, opportunity cost, and safe-haven demand.
Gold pulls back after failing to break $4,435 resistance. Middle East tensions and Fed rate uncertainty weigh. Wednesday's Fed minutes could decide the next move.
Gold has broken through the $4,300 resistance level, according to technical analysis in the latest Gold SWOT report. The next major price threshold is now $4,500.
Gold dipped under $4,400 per ounce on Tuesday, reversing earlier gains as profit-taking and a broader metals correction outweighed support from diminished Fed tightening expectations.
Chinese retail gold investment totalled 107 tonnes in Q2 2026, down from Q1's record but still the third-highest Q2 since 2010. When adjusted for a 29% rise in the local gold price, it set a new Q2 record.
Gold pulled back in a three-wave move from recent highs. Technical analysis placed support at 4315.86-4261.32, and price reacted higher from that zone. A break above 4450 would confirm the next leg up.
Gold's weekly parabolic Short trend ended after 21 weeks, confirmed at 4432. Historical median gains point to a potential target of 4959 over 15 weeks, though risks remain.