Gold Consolidates Around $4582 as Fed Inflation Warnings Grow

The price of Gold (XAU/USD) has been consolidating around $4,582 after a brief correction from the resistance zone of $4,698 on the 4-hour chart. This means that instead of moving upwards, gold is currently stabilizing and testing key support levels.

According to the chart analysis, price has broken through the 38.2% Fibonacci level of $4,604, and is now at the 50% zone at $4,575, which is a crucial pullback support area. The trend remains bullish despite weakening short-term price momentum.

The RSI (Relative Strength Index) reading of 47 indicates that price momentum is slightly bearish but not yet in oversold territory. This suggests that gold prices may continue to move lower before reaching equilibrium.