Gold Struggles Below $4850 as Markets Await Key Catalysts

Gold is currently being driven more by risk appetite and equity market sentiment than by traditional safe-haven demand.

This week is critical, with major US tech earnings, the Fed decision, and uncertainty around Powell’s future, all acting as key catalysts. Oil prices also remain relevant, but their impact is indirect, influencing gold through inflation expectations, US yields, and the dollar rather than acting as a direct driver.

Technically, gold is struggling below $4850 resistance, with immediate support at $4660 and $4550 as the key downside support. Momentum indicators remain neutral, showing no clear directional bias.

XAU/USD Daily Chart

Bottom line: Gold is in a mixed, headline-driven environment, where risk sentiment, US yields, and major macro events will decide the next move, with key levels guiding direction.