Gold Price Forecast: Gold Rebounds Above $4,200, Can Falling Oil Prices Drive Another Rally? - TradingKey

AI desk brief

Gold rebounded above $4,200, printing an intraday high of $4,207.73 as falling U.S. Treasury yields, a softer dollar, and lower oil prices eased inflation fears and supported the non-yielding metal. The move comes after gold briefly hit a two-month low on Wednesday; near-term resistance is seen at $4,230–$4,250, with support at $4,170–$4,150 and a break below $4,150 exposing $4,100.

The macro backdrop remains mixed: easing U.S.-Iran tensions pulled Brent back toward $103/bbl and WTI near $90/bbl, while strong demand at Thursday’s 30-year Treasury auction helped drive the 10-year yield down to 5.227% at one point. Still, Fed hiking risk is not fully priced out, with CME FedWatch implying 19.4% odds for an October hike and 83% for December; a softer inflation read would likely extend the gold rebound, while renewed rate-hike expectations could cap gains.