Gold Stalls at $4,354 Amid Easing Oil Prices and Dollar Rally
Gold has stalled at $4,354, just below the psychological level of $4,400, despite oil prices retreating from $109.97 and the dollar's post-FOMC rally losing momentum.
The two key headwinds that have been weighing on gold since the Iran conflict began are easing, but the metal still hasn't regained its footing.
One possible explanation for gold's muted rebound is India's distorted physical demand, which was impacted by a May 2026 import duty hike from 6% to 15%. However, narrowing domestic gold discounts suggest gradual normalization rather than a worsening drag on global gold prices.
The technical picture is only mildly constructive, with RSI near neutral at 51.25 and key support at $4,304.20. A decisive break above $4,410.32 would open the way to stronger resistance in the zone of $4,511-4,520.