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Gold prices are facing increased downside pressure after failing to sustain a fresh upward move, remaining capped below the $4,450 resistance level. Technical analysis reveals a prominent bearish trend line forming with key resistance situated around $4,355 on the 4-hour chart. The market is showing signs of weakness as traders brace for upcoming monetary policy signals from the Federal Reserve, which could dictate the precious metal's short-term trajectory.
Elsewhere in commodity markets, WTI Crude Oil has extended its recent gains, staying solidly supported above the key $100 psychological threshold. Meanwhile, major currency markets saw EUR/USD initiate a fresh decline, falling below the 1.1580 level. The divergence across asset classes reflects broader market positioning ahead of central bank events.
Looking ahead, market participants are closely monitoring technical support zones for Gold to see if buyers will step in. A failure to clear resistance levels near $4,355 and $4,450 could accelerate selling pressure toward lower support levels. Traders should maintain focus on the Fed's upcoming interest rate guidance, as any hawkish posture could further strengthen the US Dollar and exacerbate Gold's pullback.
