Gold Prices Retreat as Oil Markets Pull Back Amid Interest Rate Hikes

Gold prices have retreated from their session highs as oil markets pull back. Despite this, the outlook for gold remains bearish due to the expectation of interest rate hikes by the Fed to combat inflation.

The US dollar has been fluctuating between gains and losses against a broad basket of currencies without significantly impacting gold prices.

Gold failed to break above $4100, instead pulling back towards $4070. If it settles below this level, it may head towards the support range of $4020-$4040.

In case gold falls below the lower end of this support range at $4020, it could test the next support level at $3930-$3950.