I noticed today that gold is facing real selling pressure. The price dropped to around $4,640 after breaking the key support level of $4,650. Now, this level has turned into immediate resistance, and sellers are clearly dominating the movement.

The US dollar is rising strongly, and liquidity is shifting towards it instead of gold. This means the costs of the yellow metal are increasing for investors holding other currencies. At the same time, markets are in a state of intense anticipation ahead of the Federal Reserve decision, and investors prefer to stay highly liquid rather than gamble on new assets.

From a technical perspective, the MACD indicator remains below zero and is very weak, and the RSI is near 35, indicating oversold conditions but not enough to reverse the downtrend. Gold price forecasts today suggest that the most likely path is continued decline to 4,550 and then 4,450 if the price does not recover above 4,650.

The positive scenario requires a strong close above 4,650 and a return of buying momentum, then we might see a test of 4,750. But currently, the selling pressure dominates, and geopolitical tensions no longer support gold as they did before — markets now associate it with inflation and high interest rates rather than as a safe haven. The zone between 4,550 and 4,650 is now critical.