Gold sellers in control as price stays below key moving averages

Gold prices are trading lower on the day, though they have recovered from session lows, as rising US Treasury yields and a stronger US dollar continue to weigh on the precious metal. The yellow metal is currently down roughly $30, with the day's low reaching $4,136.70 before a modest bounce, while the high was set at $4,221.

From a technical perspective, gold remains under clear bearish pressure. On the hourly chart, the price continues to trade below the falling 200-hour moving average, currently at $4,231.55. The 100-hour moving average sits higher at $4,254.65, and both averages are sloping downward, reinforcing the bearish bias. As long as the price remains below these key moving averages, sellers retain the near-term technical advantage. For currency and commodities traders, the inverse relationship between gold and the dollar remains a key driver; a stronger dollar makes gold more expensive for holders of other currencies, while higher yields increase the opportunity cost of holding non-yielding assets like gold. Traders can check NowPrice's gold and forex pages for real-time pricing and technical levels.

Looking ahead, market participants will focus on upcoming US economic data, including durable goods orders and the Fed's preferred inflation gauge, the PCE price index, due later this week. A stronger-than-expected reading could further boost the dollar and yields, adding to gold's downside. Conversely, any signs of economic weakness might revive safe-haven demand for gold. Key support levels to watch include the $4,100 area, while resistance remains at the 200-hour moving average near $4,231.