Gold climbed back above $4,400 after touching a near four-week low of $4,282 this week, as easing bond yields gave the metal room to recover. Traders now watch a cluster of moving-average resistance near $4,428-$4,532, with the US jobs report due tomorrow seen as the next catalyst.
Gold touched a near four-week low of $4,282 this week. It has since rallied back to trade around $4,420 today. The bounce follows a sharp swing lower that had knocked the metal beneath key moving averages.
Bond yields ease, dollar pressure fades
Gold had been suffering due to soaring bond yields globally, which weakens appetite for a metal that pays zero interest. A stronger dollar added to the pressure. But yields came off the boil yesterday, and the retracement gave gold room to erase much of the week's losses.
Moving averages define the next test
Since the Jackson Hole retreat, gold fell below both its 100-day and 200-day moving averages before arresting near the 50% Fibonacci retracement of the July-to-August swing higher. That retracement level sits at $4,328, close to the 14 August low of $4,311, marking the key downside risk zone.
On the upside, buyers face the 100-hour moving average near $4,428; staying below it keeps sellers in near-term control. Clearing that still leaves the 200-hour moving average around $4,528, which sits near the 200-day moving average at $4,532.
Live levels show a compressed range
Investing.com's live tracker put gold at $4,470.16, wedged below its 50-period average. Price sits just under a SuperTrend resistance barrier at $4,489.64, with support near $4,355. The tracker frames $4,400-4,489 as a no-trade zone, with $4,489-4,581 marked as a resistance cluster and $4,350-4,400 as the long zone.
An active double-top pattern near $4,755 signals that bears control the medium-term structure unless price reclaims that high, even as a bullish MACD crossover hands short-term momentum to buyers.
Jobs report looms as next catalyst
All eyes now turn to the US jobs report due tomorrow, which could move the bond market and spill over into gold. Until then, gold stays boxed between its near-term resistance and support levels.
Sources: Investinglive, Investing.com
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