Gold Price Struggles to Build Momentum Amid Geopolitical Tensions
Gold prices have been struggling to build momentum in recent days, holding above the $4,000 level as investors weigh conflicting market forces. The price of gold remains range-bound with a slight bearish bias due to ongoing geopolitical tensions and uncertainty over the Federal Reserve's policy outlook.
The stronger US Dollar and expectations of higher interest rates continue to pressure prices. Central bank buying is one of the strongest long-term bullish drivers for gold, but it has not been enough to counteract the current headwinds.
According to technical analysis, gold remains below major moving averages, indicating a bearish short-term trend. Momentum indicators also point to fading bullish strength, with the RSI (14) easing to 45.60 and remaining below its signal average of 51.91.