OCBC’s Christopher Wong sees Gold showing tentative stabilisation as softer UST yields and lower Oil prices offer support. However, bullion remains trapped between lower-yield support and the risk that any renewed crude spike revives inflation and Fed tightening concerns. The bank notes fading bearish momentum but expects two-way trading with upside capped unless Oil and yields ease further.

Bullion supported by yields but constrained

"Gold showed tentative signs of stabilisation, helped initially by softer UST yields and lower oil prices as markets priced some hope of progress on US–Iran diplomacy. The move was not a clean risk-on rebound for bullion, however."

"Gold remains caught between two forces: lower yields/oil are supportive, but any renewed spike in crude quickly revives inflation and Fed-tightening concerns, lifting yields and the USD."

"For now, the near-term bias is less bearish than earlier in the week, but upside still looks capped unless oil and yields ease more decisively."

"Bearish momentum on daily chart shows tentative signs of fading while the rise in RSI moderated. 2-way trades likely in the interim while conviction on direction remains low at this point."

"Support at 4452 (23.6% fibo retracement of 2026 high to low), 4365 (200 DMA). Resistance at 4670/78 levels (50 DMA, 38.2% fibo), 4800/50 levels (50% fibo, 100 DMA)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)