Gold Price Holds Firm at $4,053 as ETF Inflows Boost Metal Ahead of Fed Week

The gold price has been steadily holding its ground around $4,053 after rebounding from the $4,020 demand zone. However, despite this recent bounce, the overall structure remains cautious due to the price trading below key moving averages.

The Relative Strength Index (RSI) has recovered to the 46 level, indicating a decrease in bearish pressure but not yet enough to put the buyers in charge. The immediate resistance lies at $4,067.50, with the next major resistance at $4,113.93.

The key obstacle for the price is the descending trendline at $4,160.00. The nearest support sits at $4,020.00, and secondary supports are at $3,998.37 and $3,957.42.