Gold Tests $4,660 Support as US-Iran Tensions and Oil Spike Weigh – Breakout or Deeper Drop Ahead?

Quick overview

Spot Gold Prices hover just above $4,670 – $4,700 an ounce, come midday on 24th April 2026, as trading gets underway.

• Gold has taken a hit today, down by around 0.4–1% & is on course for a pretty crappy week with a potential weekly loss of 2-3%. We’ve seen a tight range lately, of roughly $4,650-$4,770.
• If we look at the bigger picture – Gold prices remain pretty high compared to this time last year, up 35-40%+, although they’re nowhere near the all-time high of $5600 it reached way back in early 2026 at the start of the year.

Key Drivers to Watch

The squeeze on Gold is largely down to the following:

• The sharp rise in oil prices (due to the current tensions in the Middle East and the US-Iran situation) – which just so happens to be fuelling inflation fears & expectations that interest rates are going to stay high for even longer.
• A stronger US dollar & rising yields.
• US-Iran talks & ceasefire developments are still shrouded in uncertainty (focusing on the Strait of Hormuz and the potential implications for inflation) – with any movement sending shockwaves through the markets.

Protected by safe-haven flows & bargain-hunting at times, the overall near-term tone is a pretty bearish one – with a support level near the 21 day SMA ($4700) and resistance around $4750.

Gold (XAU/USD) Technical Analysis – What’s Going On?

On the 2H timezone, the price of Gold (XAU/USD) is looking pretty dismal – having broken below both the 50 day EMA and the 200 day EMA – which in turn confirms that we’re in short-term bearish territory.

We’re currently trading around $4678 – & slowly pushing down towards the $4660 – which we know is a zone that price has acted as a base a few times recently.

There’s a clear downtrendline coming from the recent high of $4880 that’s keeping upside attempts firmly in check – & we’re seeing lower highs and lower lows beneath it – with this structure really pointing to sellers being firmly in control right now. The RSI is hovering around the low 30s – which means we’ve not yet reached the point of being overly oversold, giving us some wiggle room for further downside.

Key Levels to Watch

• Resistance: $4738-$4748 → $4780
• Support: $4660 → $4580 → $4485

Trade Idea: Sell if price drops below $4660 aiming for $4580 and set a stop loss above $4738.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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