Gold Update: Bearish Pressure Remains While Below Key Moving Averages
June 24, 2026Gold remains under pressure after a sharp selloff from record highs, mainly due to higher Treasury yields, a stronger US Dollar, weaker ETF demand, and rising Fed rate-hike expectations.
Short-term sellers still control the market because XAU/USD is trading below the 200-day, 50-day, and 100-day SMAs, with MACD negative and RSI near oversold. However, ING still sees gold grinding higher over the medium term, only at a slower and more volatile pace.
🔻 Key Support
- $4,000 psychological support. This is the main level buyers may try to defend.
- A break below $4,000 could increase selling pressure toward $3,800 if Fed rate-hike expectations continue to rise.
🔺 Key Resistance
- $4,473 200-day SMA.
- $4,500 50-day SMA.
- $4,700 100-day SMA.
- Gold likely stays weak while price remains below this resistance zone.
📉 ING Forecast Changes
ING cut its gold forecast but did not abandon the broader bullish structure. The key message is that the expected move higher may be slower and more volatile than previously projected.
| Period | New Forecast | Previous Forecast |
|---|---|---|
| Q3 2026 Average | $4,300/oz | $4,850/oz |
| Q4 2026 Average | $4,600/oz | $5,000/oz |
Do not confuse long-term bullish forecasts with a current buy signal. Right now, the chart and macro pressure are still bearish. A bounce may happen near $4,000 because RSI is close to oversold, but buyers need to reclaim at least the $4,473–$4,500 zone before the bias improves.
This XAUUSD forecast is compiled from multiple premium research sources and trusted market analysis. We summarize the key insights, market bias, and important price levels to help traders stay informed.