Usman Salis
⬤ Gold's finding its footing again after getting knocked down to the $4,655 level during Asian trading hours. The metal's now hovering around $4,880, catching a bid as traders get nervous about broader market conditions and pile into safe haven plays.
⬤ Thursday's disappointing jobs numbers gave precious metals a lift by ramping up expectations that the Fed might have to cut rates sooner than expected. Problem is, the dollar's been flexing its muscles at the same time, which is keeping a lid on how high gold can run. With stocks getting hammered over the past few days, you're seeing that classic flight to safety pattern emerge.
The interaction between macro drivers and technical levels can shape short term price behavior as markets balance currency strength and safe haven demand.
⬤ Looking at the 4-hour chart, price is stuck below that 100-period simple moving average sitting near $4,920 – that's your immediate ceiling right now. The good news? Momentum's starting to turn. The MACD histogram's shrinking on the negative side and the MACD line's about to cross above its signal line. RSI's crawling back toward the middle zone too. What's interesting here is the potential Gartley pattern shaping up, which could send gold toward that 78.6% Fibonacci retracement level at $5,340. You've got resistance parked at $4,920 and another layer around $5,100, while support's holding near $4,655 with a deeper floor around $4,400.
Usman Salis
