GOLD – sideways bias dominates near-term trading between $4900 and $5100

Gold prices edged slightly lower early Monday but remained confined to a narrow range amid subdued trading volumes, with markets in the Far East and the United States closed for holidays.

The metal has fluctuated within the $4900–$5100 band in recent sessions, underscoring the absence of clear direction as primary drivers continue to send mixed signals.

Technical indicators remain divided, with weakening momentum contrasting against a bullish alignment of moving averages. Recent US macroeconomic data have also offered conflicting cues, with stronger-than-expected labor market figures offset by softer consumer price readings.

Geopolitical developments add another layer of uncertainty. Immediate concerns over a potential US-Iran conflict have eased following the start of negotiations, though broader risks persist, including tensions surrounding Ukraine and a widening political divide between the US and the EU. These factors may continue to underpin safe-haven demand.

Markets are now awaiting fresh catalysts to determine the near-term trajectory, with the $4900 and $5100 zones serving as pivotal technical boundaries. A decisive break on either side would likely generate the initial signal for either a trend reversal or a continuation of the broader bullish structure.

Res: 5053; 5100; 5118; 5200
Sup: 4980; 4900; 4880; 4850