Gold Price Forecast: XAU/USD holds bullish bias near $4,400

• Gold holds near $4,400, supported by a weaker US Dollar and fading expectations of further Federal Reserve rate hikes.
• XAU/USD maintains a constructive technical bias on both the four-hour and one-hour charts, with prices holding above key moving averages.
• A break above $4,450 could reinforce bullish momentum, while $4,365 acts as the nearest key support.

Gold (XAU/USD) maintains a bullish bias around $4,400, supported by a weaker US Dollar (USD) and fading expectations of further interest rate hikes by the Federal Reserve (Fed). However, geopolitical risks and tensions in energy prices continue to fuel inflation concerns, limiting the precious metal’s upside for now.

In the four-hour chart below, XAU/USD holds a constructive near-term bias as it trades comfortably above the 100-period simple moving average (SMA) at $4,205.68 and the 200-period SMA at $4,142.35, keeping the broader uptrend intact. The nearby horizontal support at $4,365.00 underpins the latest consolidation, while the Relative Strength Index (RSI) at 56.32 has eased out of overbought territory and now points to moderately positive, but not stretched, momentum.

On the downside, initial support is seen at the recent floor around $4,365.00, with deeper demand emerging at the 100-period SMA near $4,205.68 and then the 200-period SMA around $4,142.35, where the broader bullish structure would be expected to reassert if tested. On the topside, a break above the horizontal resistance at $4,450.00 would open the way for renewed gains, as the absence of closer overhead technical barriers suggests that a clear move through this cap could accelerate bullish pressure.

In the one-hour chart below, XAU/USD is also holding a constructive near-term bias as price remains above the 100-period simple moving average (SMA) at $4,382.90 and the 200-period SMA at $4,324.87. This positioning suggests dips are still being bought, while the Relative Strength Index (RSI) near 56 keeps a mildly bullish tone without yet signaling overbought conditions.

(The technical analysis of this story was written with the help of an AI tool. Know more.)