Gold Price at $4,705 Holds Steady – Retail Sales & Trump-Xi Summit Key This Week?
Spot gold (XAU/USD) hovered near $4,705.39 per ounce, rising 0.10% as it maintained a narrow range on May 13 to 14, 2026 morning session.
Quick overview
- Spot gold (XAU/USD) is trading near $4,705.39 per ounce, showing a slight increase of 0.10%.
- The ongoing Iran-US truce has reduced geopolitical risks, leading to decreased protective buying of gold.
- The People's Bank of China continues to diversify its reserves by increasing gold holdings for 17 consecutive months.
- Upcoming April retail sales data and trade talks between the US and China are expected to influence short-term gold prices.
Spot gold (XAU/USD) hovered near $4,705.39 per ounce, rising 0.10% as it maintained a narrow range on May 13 to 14, 2026 morning session.
Key Drivers for Gold Prices Today:
- Ceasefire status: As of this week, the Iran-US truce has held and continues to improve since the US-Iran truce agreement was agreed upon a month ago. Tankers are also now beginning to navigate the Strait of Hormuz and get oil to market, meaning the geopolitical risk has decreased a bit, and there is not as much protective buying by investors.
- Official buyers: The People’s Bank of China (PBOC) has added to its gold holdings for 17 months and counting, and official sector gold buying continues to diversify reserves.
- April retail sales data: The April Retail Sales data released tomorrow is the next major economic data release to watch. Weak retail spending would heighten the likelihood of rate cut action later this year, supporting a rotation of capital into non-yielding assets like gold and silver over bonds, cash and equity positions that would be adversely affected by slowing growth conditions.
- Trade talks: US President Donald Trump and Chinese President Xi Jinping will meet this afternoon to discuss key issues facing bilateral relations such as trade and the use of rare earth minerals, technology limitations, etc., and possible cooperation over Iran. Good progress could boost appetite for riskier assets while little forward movement may see a return to buying into safe-haven gold.
XAU/USD Gold (XAU/USD) Technical Analysis
Gold has printed a clean bullish hammer on the 2H following a successful retest of the black ascending trendline support from early May lows around $4,508. Price is maintaining its bullish footing above the blue MA (around $4,695) and holding above the rising channel midline as well.
The pattern has created clean higher lows within a rising parallel channel following a clean breakout above the 0.236 Fib. There was a strong impulse which tested the 0.382 Fib with no breakdown in place, creating a bullish flag continuation pattern. RSI holds neutral near 48 to 52 with positive divergence on the dip, confirming weakening bearish pressure and room for extension before overbought. The key resistance zone is 4,724, 4762 to 4798.
Key Levels
Resistance 4,724 to 4762 to 4798.
Support 4,695 to 4,675.
Trade Idea:
Buy over 4720 to 4762 to 4798, Stop loss under 4695. Gold is going through a changeover stage from purely geopolitical gains to more macro-driven prices. The April Retail Sales data and developments with Trump-Xi tomorrow are likely going to drive short-term prices. The ceasefire has reduced the catalyst for more bullish gains over the short-term, although there is still demand from the Central Banks and the inflation hedge nature of gold keeps the longer-term bullish bias.
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