Gold prices steadied around $4,600 on Tuesday, paring gains from a recent rally as traders locked in profits and the U.S. Dollar Index exerted pressure. The yellow metal has remained above critical support at $4,550 and the 38.2% Fibonacci retracement level, though momentum has slowed below the $4,700 resistance zone, where profit-taking was observed.
The market’s technical structure remains constructive above $4,570, according to analysis, with a sustained break above $4,625 seen as a potential catalyst to extend gains toward $4,650–$4,690. A further advance could target $4,720, followed by the 50% Fibonacci level at $4,770. However, the analysis notes that elevated momentum leaves scope for corrective pullbacks.
On the downside, a break below $4,555 may expose deeper support levels at $4,525–$4,515, with a more significant retracement potentially reaching $4,450. The intraday outlook suggests continued consolidation above $4,570, with a decisive breakout above $4,625–$4,650 required to reignite upside momentum toward $4,700. Failure to clear this resistance could shift focus back to $4,525–$4,515.
Fundamentally, the analysis highlights that persistent U.S. inflation is limiting gold’s upside potential, while Treasury buybacks, fiscal concerns, and geopolitical tensions—particularly around the Strait of Hormuz and the Russia-Ukraine conflict—continue to bolster safe-haven demand. Markets are now awaiting remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium for potential policy signals that could influence the metal’s trajectory.
