Gold Prices Stuck in Range Amid Uncertainty

Gold prices have been stuck in a range for over a month, lacking conviction as buyers and sellers fail to gain control. The metal has rotated within a $200 range, with no clear trend emerging.

The Middle East remains a source of hesitation, and interest-rate expectations are adding another layer of confusion. The Federal Reserve's potential policy loosening is still debated in currency markets, but the bond market has not fully endorsed this view.

From a technical standpoint, gold's 50-day EMA sits above $4200, while the 200-day EMA is higher still, indicating overhead pressure when attempting to push upward. Support comes from the $3900 level, extending toward the psychologically important $4000 area.