XAUUSD Loses the 4,500 Level as Selling Pressure Intensifies

Gold is showing extreme weakness on the H4 chart as price continues to break sharply below the 4,550 USD support zone and is now trading near the key psychological level of 4,500 USD. What stands out to me is that the market has shown almost no meaningful rebound after last weekend’s sharp selloff, suggesting that sellers still have full control of the short-term trend.

At this stage, price is trading deeply below both EMA34 and EMA89, while both moving averages are clearly sloping downward — a signal that the bearish trend is expanding rather than acting as a normal correction.

From a macro perspective, the biggest pressure on gold continues to come from rising US Treasury yields and a stronger US dollar following hotter-than-expected inflation data. Global gold prices just dropped more than 111 USD in a single session as markets nearly abandoned hopes for an early Fed rate cut.

According to the latest survey from Kitco News, most Wall Street analysts have now turned bearish on gold in the short term. Marc Chandler warned that if gold decisively breaks below the 4,500 USD zone, price could continue falling toward 4,350 USD.

In addition, rising oil prices and concerns that the Fed may maintain restrictive monetary policy for longer are adding more pressure on precious metals. Even so, many analysts still believe long-term buying demand from global central banks could support gold again at lower price levels.