Last week, gold prices were heavily suppressed by multiple factors simultaneously. The XAUUSD price dropped to $4,578 per ounce, despite attempts to rebound from the oversold zone.

The most important development was the Fed meeting, which came out stronger than expected, with four members signaling the removal of easing signals. This caused the dollar to strengthen past 98.5 and the 10-year bond yield to surge to 4.4%, further pressuring gold prices downward. Additionally, Jerome Powell announced he would not resign from the board, increasing internal political tensions and uncertainty.

Another major issue is the oil crisis, with Brent surpassing $117 per barrel, as Trump insisted on maintaining the Iran blockade, combined with the UAE officially withdrawing from OPEC. This high oil price situation has raised inflation concerns, making it difficult for the Fed to cut interest rates easily.

Looking ahead, short-term gold price analysis indicates a clear downtrend. Prices remain below all three EMA lines, but RSI is beginning to turn up from the oversold zone, and the Stoch RSI shows a bullish crossover signal. In the short term, a technical rebound toward resistance levels of $4,602 - $4,620 is possible. If US economic data come out worse than expected, gold could reverse into an uptrend.

However, if GDP and Core PCE figures come out strong, the Fed will have reasons to keep interest rates high. Gold prices may be pushed down at resistance levels and could easily break below the critical support of $4,553. Traders should be cautious of volatility and sudden changes in direction.