I noticed that gold tried to recover from its recent losses yesterday, but the movement was very limited. The price reached $4,570 and is attempting to rebound from the $4,500 zone, but without real momentum. The problem is that high interest rates still exert strong pressure on the metal.

The Federal Reserve was very clear in the latest decision—three dissenting votes and internal division. This means the market is beginning to rule out any rate cuts this year, and is even betting on additional hikes. This is bad for gold because it reduces its appeal as a safe haven.

On the technical side, the MACD indicator has started to give positive signals, and the RSI has exited oversold territory, but this alone is not enough. The main trend remains weak unless the price convincingly breaks above $4,600.

Regarding gold price forecasts for the coming days, investment banks are divided. Commerzbank sees gold remaining stuck between $4,500 and $4,600, while ANZ expects a gradual recovery toward $4,650 if the price stabilizes above $4,500. But TD Securities is more pessimistic and predicts a deeper drop to $4,400 if support is broken.

The main picture is clear: gold is trapped between investors’ desire to buy the dips on one side, and the tightening monetary policy pressure on the other. Rising oil prices also don’t help, as they boost inflation and justify keeping interest rates high. The coming weeks will be decisive, especially with upcoming U.S. inflation data.