Gold Price Forecast: XAU/USD appreciates to $4,400 as yields retreat - Mitrade

AI desk brief

Gold (XAU/USD) extended gains for a second session on Friday, touching the $4,400 area as lower US Treasury yields outweighed the bearish impact of this week’s hawkish 25 bp Fed hike to 3.75-4.00%. The move comes after gold bounced from sub-$4,250 lows earlier in the week and is now trying to avoid a third straight weekly loss.

Technically, the pair remains below its 200-day SMA, with RSI near neutral and MACD still negative, suggesting the recovery remains fragile. Near-term resistance is seen at $4,450, then the September 3 high at $4,510 and the 200-day SMA at $4,541; support sits at $4,335, then the $4,223-$4,235 zone.