Gold Prices (XAUUSD) fluctuates within a tight range on Thursday, consolidating after a sharp correction from historic highs. At the time of writing, XAUUSD is trading around $4,150, edging modestly higher after two days of declines as safe-haven demand remains supported amid a mix of economic jitters and geopolitical tensions.
Eyes on US-China and Russia
The US-China trade standoff remains at the forefront of investor focus, with Washington reportedly weighing new export restrictions ahead of high-level talks this week and a potential meeting between US President Donald Trump and Chinese President Xi Jinping later this month at the APEC summit in South Korea.
Federal Reserve
At the same time, the United States (US) government shutdown, now in its fourth week, continues to weigh on market sentiment. Meanwhile, the prospect of further monetary policy easing by the Federal Reserve (Fed) is also shaping investor positioning, as markets increasingly price in a quarter-point interest cut at the October 29-30 Federal Open Market Committee (FOMC) meeting.
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Traders are also refraining from taking large directional bets ahead of the US Consumer Price Index (CPI) report due on Friday. A firm US Dollar (USD) and a rebound in Treasury yields are capping the upside for Gold in the meantime, keeping price action largely rangebound.
Gold (XAUUSD) Technical Analysis
Yellow Metal is consolidating within a range between $4,000 and $4,150 as traders await fresh catalysts, likely Friday’s CPI report, for the next directional move.
On the upside, $4,150 remains the immediate resistance, followed by $4,200, where the 50-period Simple Moving Average (SMA) aligns with the prior breakdown zone. A decisive close above this level would be needed to shift the near-term bias back in favor of buyers.
On the downside, the $4,000 psychological level acts as key support — a line in the sand for bulls. A clear break below it could expose the metal to a deeper correction toward $3,940 or even $3,909.
For now, the broader bias remains tilted slightly bearish unless $4,200 is reclaimed. However, dip buyers appear active near the lower end of the range, suggesting that while a steep selloff looks unlikely, a prolonged consolidation phase cannot be ruled out after the overextended rally.