19:08 UTC
Corrective range after Q1 top, momentum neutral · RSI 51 · price 4,354.97
Two-quarter range, lower highs since the Q3 peak.
Gold's regime turned corrective after the parabolic Q1 peak at 5598, and since then price has carved a two-quarter range between the 3942 range low and the 4696 q3 high, with the last close at 4354.97 sitting mid-range. The hawkish Fed hike to 3.75-4.00% and the lifted current-year dot have kept bullion capped, and the three weekly bars after the rejection near the q3 high have printed successively lower highs. Price still holds above a rising w1 ema50 at 4219 but closed just under the ema20 at 4366, and RSI(14) near 50 shows no weekly extreme in either direction.
Support: 4,235.03, 4,219.00
Resistance: 4,366.00, 4,500.00
What it said to watch
- A weekly close above the 4500 round number and then the 4696 q3 high would end the lower-high sequence and reopen the Q1 top structure
- Failure to hold the 4235 swing low and the w1 ema50 at 4219 re-exposes the 4000 area and the 3942 range low
- S&P Global US flash PMIs on Wed and the Fed speaker cluster are the yield inputs that have driven this range so far