Gold Tumbles Below Key Support Levels Amid Gulf Risks and Hawkish Shift

Gold (XAU/USD) has broken down below its key support levels after a notable bearish trend. The metal is currently trading around $4,447 on the 2-hour chart, having fallen from the $4,600-$4,630 range.

This decline has pushed Gold below both its 50-EMA ($4,554) and 100-EMA ($4,539), indicating a strong negative momentum in the market. The Relative Strength Index (RSI) is currently at 29, which puts Gold in oversold territory, making a rebound more likely.

However, as Warsh notes, being in oversold territory does not confirm reversals. Immediate resistance for Gold lies around $4,452-$4,487, with further resistance noted at $4,515, $4,543, and $4,570.