XAU Are we breaking through 5k? Heading toward 4900?

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Hi, I’m Maicol, an Italian trader.
I study Gold since 2019.

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Gold keeps pushing lower

Gold is trading under pressure near the 5,000 support, as markets position ahead of a crucial week of global central bank decisions.

The Federal Reserve, the European Central Bank and the Bank of England will all meet this week. Meanwhile, oil-driven inflation fears linked to the Middle East conflict are reshaping interest rate expectations.

The key macro shift is that markets are starting to price in fewer rate cuts in 2026, driven by rising commodity prices and renewed inflation concerns.

As outlined in my outlook, I continue to evaluate bearish positioning, while waiting for Wednesday and the remarks from Jerome Powell.

For now, there is nothing valid to justify long positions.

Nothing more to add at the moment.

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In the meantime, have a good day.

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