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Gold Under Pressure Below 4300; Bearish Bias Intact
Confirmed
In Short: Higher oil prices, firm US data, and hawkish Federal Reserve comments have reinforced rate-hike expectations, supporting the US Dollar and potentially further gains in yields, which could keep the bearish bias intact.
Gold prices remain under pressure, with a bearish bias holding below the 4300 resistance level, according to OCBC strategists Sim Moh Siong and Christopher Wong.
Higher oil prices, firm US data, and hawkish Federal Reserve comments have reinforced rate-hike expectations, supporting the US Dollar and potentially further gains in yields, which could keep the bearish bias intact.
Conversely, softer energy prices or a weaker US Dollar may help Gold stabilize, with the 4300–4354 range seen as the key near-term resistance zone.
Gold was last seen at 4275 levels, with some easing in energy prices or the US Dollar potentially helping Gold stabilize.
The strategists noted that mild bearish momentum on the daily chart is intact while the Relative Strength Index (RSI) is flat, with a range-bound trade not ruled out but watchful of price action.
The immediate area of resistance is at 4300–4354, with persistent price pressure below this area likely to see bearish pressure reexert.
Gold prices extended corrections, dropping below $4,300 to a low of $4,262.45, as of the European session on September 24.
Key downside support stands at $4,235 and $4,200, while primary resistance remains at $4,300, with potential targets at $4,400.
The pullback in oil prices is providing some support for Gold, but the short-term trend is weakening significantly.
Gold is testing the 60-day moving average near $4,270, with bearish sentiment dominating and weakening indicators.
The price remains supported by breaching a short-term bearish corrective trendline, while positive pressure continues as it trades above EMA50, which is acting as dynamic support and reinforcing the chances of a near-term recovery.
Negative signals are beginning to emerge from the relative strength indicators after forming a bearish divergence, intensifying the negative pressure on the pair and signaling a potential resumption of its decline in the near term.
What this adds
The report adds that the pullback in oil prices is providing some support for Gold, despite the overall bearish sentiment.
The sources have not established a definitive timeline for when Gold might break above the key resistance levels.
What's confirmed
- Gold prices remain under pressure, with a bearish bias holding below the 4300 resistance level, according to OCBC strategists Sim Moh Siong and Christopher Wong.
- Higher oil prices, firm US data, and hawkish Federal Reserve comments have reinforced rate-hike expectations, supporting the US Dollar and potentially further gains in yields, which could keep the bearish bias intact.
- Conversely, softer energy prices or a weaker US Dollar may help Gold stabilize, with the 4300–4354 range seen as the key near-term resistance zone.
- Gold was last seen at 4275 levels, with some easing in energy prices or the US Dollar potentially helping Gold stabilize.
- The strategists noted that mild bearish momentum on the daily chart is intact while the Relative Strength Index (RSI) is flat, with a range-bound trade not ruled out but watchful of price action.
- The immediate area of resistance is at 4300–4354, with persistent price pressure below this area likely to see bearish pressure reexert.
- Gold prices extended corrections, dropping below $4,300 to a low of $4,262.45, as of the European session on September 24.
- Key downside support stands at $4,235 and $4,200, while primary resistance remains at $4,300, with potential targets at $4,400.
- The pullback in oil prices is providing some support for Gold, but the short-term trend is weakening significantly.
- Gold is testing the 60-day moving average near $4,270, with bearish sentiment dominating and weakening indicators.
- The price remains supported by breaching a short-term bearish corrective trendline, while positive pressure continues as it trades above EMA50, which is acting as dynamic support and reinforcing the chances of a near-term recovery.
- Negative signals are beginning to emerge from the relative strength indicators after forming a bearish divergence, intensifying the negative pressure on the pair and signaling a potential resumption of its decline in the near term.
What's still developing
- AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight.
- EURGBP price ended its bullish corrective rebound after facing the resistance extending toward 0.8605, stabilizing below it and maintaining its position within the boundaries of the bearish channel shown on the accompanying chart, as it currently slips toward 0.8577.
- Technical analysis of the daily chart shows the currency cross trading within a descending channel, keeping the overall bearish bias.
- This configuration suggests the currency cross is consolidating under medium-term trend resistance, with the 14-day Relative Strength Index (RSI) at 43.32 hinting at still-soft momentum and limiting the scope for an immediate bullish reversal unless price can reclaim the 50-day EMA.
- Know more. ) The table below shows the percentage change of Euro (EUR) against listed major currencies today.
- A break below the short-term price average would strengthen the bearish bias and put downward pressure on the currency cross to navigate the region around 177.40, followed by nearly an 11-month low of 175.70, recorded in November 2025.
- Further resistance lies at the upper boundary of the descending channel around 185.00, followed by the all-time high of 187.95 set on April 17.