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• Gold is consolidating weekly losses near $4,700 in Friday’s Asian trading.
• The US Dollar is set for a weekly gain as US-Iran tensions bump up Oil prices and inflation fears.   
• Gold tests the 21-day SMA support amid bearish RSI, while a cluster resistance near $4,750 crushes breakout hopes.

Gold is testing the $4,700 level early Friday, holding at its weakest level in over a week and eyeing the first weekly drop in five weeks.

Gold witnesses a down week as bears tighten their grip, following rejection at higher levels on several occasions.

The primary reason behind Gold’s renewed downside is the solid recovery in the US Dollar , as the Greenback looks to snap two consecutive weeks of decline.

Robust Retail Sales and preliminary business PMI data from the United States (US) pushed back against expectations of at least one interest rate cut by the Federal Reserve (Fed) this year, boosting the USD at the expense of the bright metal.

The Greenback also capitalized on resurgent haven demand as Oil prices regained traction amid the US-Iran stalemate on peace talks and the Strait of Hormuz, rekindling fears over pervasive inflation.

This came after US President Donald Trump announced via Truth Social late Thursday that the Israel-Lebanon ceasefire was extended by three weeks, following the talks in Washington.

Going forward, Gold could continue to face heat from sustained USD demand and uncertainty around the Middle East conflict.

Nonetheless, a brief rebound cannot be ruled out, as investors might resort to repositioning their recent trades heading into next week’s Fed monetary policy meeting.

Phân tích kỹ thuật hàng ngày

In the daily chart, XAU/USD trades at $4,676.24, keeping a bearish near-term tone as spot holds under the short- and medium-term simple moving averages. The 21-day simple moving average (SMA) at roughly $4,701 and the 100-day SMA near $4,741 sit overhead as immediate dynamic resistance, reinforced by the broader descending trend-line that continues to cap rebounds. Momentum is lacklustre, with the Relative Strength Index (14) hovering around 44, which suggests downside pressure is present but not yet stretched.

On the topside, initial resistance is seen at the 21-day SMA around $4,701, followed by the 100-day SMA near $4,741, where the upper boundary of a falling wedge aligns.
Meanwhile, a more meaningful barrier emerges at the 50-day SMA close to $4,870 if bulls manage a stronger recovery. On the downside, the first layer of support comes from the higher rising trend-line around $4,589, ahead of the lower ascending support zone near $4,383; a sustained break below these trend supports would expose the more distant 200-day SMA, now providing structural backing around $4,250.