Gold Moderates on Reduced Geopolitical Pressure, While Bulls Maintain Grip

Gold edged lower on Thursday after posting a series of marginally higher highs over the past three days ($4,630/$4,634/$4,643).

Calmer rhetoric from President Trump regarding the Iran crisis and his conflict with Fed Chair Powell eased market sentiment, pausing the recent rally for now. Trump adopted a wait-and-see approach instead of pursuing military action in Iran, and sidelined the discussion about removing Powell before his term ends in May.

Despite the short-term pause, the broader picture remains bullish, with no major changes in the key factors supporting gold. This suggests that the market may undergo a period of consolidation before bulls resume their upward push.

Thursday’s dip was limited, with prices holding above $4,600 after briefly touching $4,581. Overbought daily indicators, including an RSI showing bearish divergence, leave the downside vulnerable.

Initial support lies at $4,550 (former top and broken upper trendline of the bull channel), followed by the $4,500 zone (psychological level, 10-day moving average, and 38.2% Fibonacci retracement of $4,274–$4,643 rally), where extended dips are expected to find firm footing.

Res: 4643; 4687; 4700; 4720
Sup: 4581; 4550; 4500; 4458