Gold remains under pressure as stronger US inflation boosts the dollar.

Gold remains under pressure for a second straight session, weighed down by a stronger dollar amid rising uncertainty in the Middle East and fading expectations for potential Federal Reserve rate cuts, after both US consumer and producer inflation accelerated notably in April.

The fundamental backdrop remains mixed. The Fed is increasingly expected to keep interest rates unchanged through the end of the year, a scenario that continues to support the dollar. However, mounting concerns over a deeper economic slowdown could offset part of the negative pressure and help keep gold prices supported.

In the near term, price action continues to fluctuate within the $4650/$4770 consolidation range, while also remaining trapped inside the daily cloud. Gold is currently hovering around the midpoint of the range near the $4700 zone after multiple failed attempts to clear the upside barriers at $4764/$4773. The lower boundary of the range is reinforced by the daily cloud base at $4667 and the daily Tenkan-sen at $4637.

The daily technical picture remains mixed, with momentum indicators largely neutral and moving averages showing no clear directional alignment, although the developing 55/100DMA crossover could generate additional downside pressure.

An initial bearish signal would emerge on a break below the near-term range floor, which would confirm a potential double-top formation at $4764/$4773 and expose the next important support zone around $4500.

On the other hand, a sustained move above $4773 and the 100DMA at $4790 would improve the near-term outlook and pave the way for a fresh advance toward the daily cloud top at $4848.

Res: 4700; 4773; 4790; 4835
Sup: 4650; 4636; 4546; 4500