Gold Prices Stalled Below $4,600 Ahead of Fed Chair's Jackson Hole Speech

Gold prices have stalled below $4,600 after a 1.38% drop to $4,593.74 in spot trading.

The precious metal's performance has been mixed this year, with year-to-date gains of 6.73%, but also a six-month decline of 10.89%

The all-time high of $5,602.225 set on January 29, 2026, is still $1,008 above the current price, representing a 17.9% gap that has not closed in seven months.

Traders are waiting for a catalyst to break through the resistance at $4,696.20, which was reached on Tuesday but failed to gain momentum.

The market's structure suggests it has run out of momentum buyers and is waiting for a trigger, rather than distributing.