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29.04.2026 11:17 AM
Gold may receive support and rise locally

The price of gold has been consolidating in a range for a considerable period against the backdrop of the Middle East conflict. But the situation could change if the Fed resumes rate cuts and a neither?war?nor?peace state between the US and Iran persists for some time.

From a technical perspective, gold found support at $4,552.75. If this level holds, a local rise in the yellow metal can be expected.

Technical picture and trading idea:

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  • Price is below the middle line of the Bollinger Bands, and below the SMA 5 and SMA 14.
  • RSI is moving flat in the oversold area.
  • Stochastics are rising.

Gold may locally reverse upward toward $4,711.15. A buy entry could be at $4,616.10.

Pati Gani,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
Viktor Vasilevsky
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