Today’s midday spot gold (London Gold) price is $4,566 per ounce, trading within a narrow range. After testing the bottom at $4,540 in the Asian session, it rebounded slightly, overall showing a weak consolidation and a slightly bearish pattern.

News
The main bearish factor comes from the residual hawkish stance of the Federal Reserve: on April 29, the rate was kept unchanged, but the phrase “interest rate cuts within the year” was removed, emphasizing persistent inflation and economic resilience. The rate cut expectations are delayed, the dollar index remains steady at 98.5, and the 10-year U.S. Treasury yield rises, increasing the cost of holding gold. Geopolitically, the Middle East situation pushed oil prices up to $100 per barrel, and rising inflation expectations instead reinforced the Fed’s high-interest rate outlook, with insufficient safe-haven buying. Long-term central bank gold purchases struggle to offset short-term capital outflows, and gold ETFs continue to reduce holdings.
Technical Analysis
The daily chart shows three consecutive down days, with moving averages in a bearish alignment, breaking below key support levels at $4,600 and $4,550, turning the trend bearish. The midday rebound is weak, with $4,580 acting as short-term resistance, and support below at $4,530–$4,510.
Trading Recommendations
Short-term biased to the downside, focus on selling rallies, avoid chasing long positions; watch for a break below $4,580, and if it falls below $4,510, it could test the $4,480 range. Manage positions cautiously.