Gold Price Outlook: XAU/USD rises inside its range, targeting $4,500

Gold Price Update: XAU/USD Rebounds Toward $4,500

On Thursday, sellers of gold (XAU/USD) were stopped at the $4,400 support level. The price then climbed to the upper end of the $4,400 range, with buyers eyeing a move toward $4,500. This upward momentum in precious metals comes as investors show a cautious approach amid a moderate wave of risk aversion heading into Friday.

Market participants remain vigilant as they await the US Supreme Court’s ruling on Trump-era trade tariffs. This decision could potentially trigger reimbursement claims totaling around $150 billion for tariffs previously paid by American businesses.

Additionally, attention is focused on the upcoming release of the US Nonfarm Payrolls data for December. Job growth is anticipated to stay moderate, with a slight decrease in the unemployment rate. However, these results are unlikely to resolve the ongoing disagreements among Federal Reserve officials regarding future policy moves.

Technical Overview: Gold Remains Below $4,500

Currently, XAU/USD is trading at $4,473 after rebounding from the 100-period Simple Moving Average (SMA) on the 4-hour chart, which sits near $4,400. Technical signals indicate strengthening momentum, yet the price continues to fluctuate within the established weekly channel. The Moving Average Convergence Divergence (MACD) and its Signal line are both near the zero mark, with the histogram narrowing on the negative side—pointing to a reduction in bearish momentum. The Relative Strength Index (RSI) stands at 58, reflecting a positive outlook without signaling overbought conditions.

• Resistance: The first barrier is the January 7 peak around $4,500, just below the record high.
• Support: Should the price reverse, support is expected at $4,400, where the 100 SMA coincides with Thursday’s low. A further decline could see the price test the January 2 low near $4,310.

(This technical analysis was prepared with assistance from an AI tool.)