Gold Price Faces Resistance as NFP Looms and Fed Hike Bets Ease

The Gold (XAU/USD) price is currently trading at $4,472 on the 4-hour chart after making a sharp recovery from $4,304. The price has bounced back to the resistance zone of $4,422-$4,465, but this zone also acts as a legitimate price ceiling and decision zone.

The next goal for Gold would be the $4,564 level if it breaks cleanly above $4,487. On the other hand, the first support of interest is at $4,304, followed by the $4,365 and $4,422 support zones. If these levels penetrate, attention will return to the broader price demand zone of $4,221-$4,263.

The RSI has bounced off oversold levels and is nearing neutral, supporting the current price action but not showing evidence of a new uptrend. The writer's view is neutral-to-bearish due to Silver's (XAG/USD) hovering around $67.21, and they will wait until it breaks clear of this level on a clean 4-hour close before becoming more constructive towards $68.74.