Gold Falters at $4,700 Threshold Amid Fresh Selling Pressure

Gold futures pulled back to the $4,490 mark after failing to sustain a breakout near the psychological $4,700 threshold. The slight decline in price is attributed to fresh selling pressure following the rejection at the higher level.

The immediate support for gold lies near the crucial $4,500 floor, with a decisive breakdown below this zone potentially triggering deeper technical corrections towards moving average cushions.

On the other hand, resistance remains capped near $4,680-$4,700, and bulls need a daily close above this cluster to revive primary upward momentum.

The macroeconomic narrative continues to be driven by U.S. monetary policy expectations, with recent hawkish undertones and shifts in interest rate cut trajectories injecting volatility into non-yielding bullion.