<ul>
<li>Gold declined for the second consecutive day on Thursday, despite a lack of sustained selling.</li>
<li>Rising oil prices have reignited inflation concerns, pushing up U.S. bond yields and the dollar, and applying pressure.</li>
<li>Further escalation of tensions in the Middle East has limited the downside for safe-haven precious metals.</li>
</ul>
<p>Gold (XAU/USD) traded with a negative bias for the second day on Thursday, despite a lack of sustained selling, and stagnated around $5,125. A new round of rising crude oil prices threatens the inflation outlook and obscures signs of slowing U.S. price growth, weakening market hopes for a recent rate cut by the Federal Reserve (Fed). This helped the dollar (USD) continue its upward trend for the third day, applying pressure on the non-yielding yellow metal.</p>
<p>The U.S. Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index (CPI) rose 0.2% in February, with the annual rate remaining at 3.1%. However, investors remain concerned that inflation could surge amid escalating military conflicts between Israel, U.S. forces, and Iran. In fact, the Islamic Revolutionary Guard Corps (IRGC) of Iran stated that it has launched joint operations against targets in Israel, Jordan, and Saudi Arabia in conjunction with Hezbollah. Additionally, reports of two oil tankers being attacked near Iraq and Kuwait in the northern Persian Gulf have increased concerns about supply disruptions in the Middle East, leading to a rise in crude oil prices of over 6%.</p>
<p>International Monetary Fund (IMF) President Kristalina Georgieva warned on Monday that a sustained 10% rise in oil prices over a year would push global inflation up by 40 basis points (bps). This could force the Fed to delay rate cuts, leading to further increases in U.S. Treasury yields. This, in turn, continues to push up U.S. Treasury yields, supporting buying sentiment for the dollar and is seen as driving funds out of gold. However, the escalating geopolitical tensions provide some support for safe-haven XAU/USD, prompting aggressive bearish traders to remain cautious before further depreciation actions.</p>
<p>Traders are now looking forward to the U.S. weekly initial jobless claims data to gain some momentum ahead of the U.S. Personal Consumption Expenditures (PCE) price index release on Friday. However, the focus will still be on developments surrounding the U.S.-Israel-Iran war and oil price dynamics, which will influence central bank policy outlooks. Additionally, overall risk sentiment should help inject some volatility into gold prices.</p>
<h2>XAU/USD 4-Hour Chart</h2>
<p><img src="https://imageproxy.pbkrs.com/https://editorial.fxsstatic.com/miscelaneous/chart-analysis-1773288036197?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial.fxsstatic.com/miscelaneous/chart-analysis-1773288036197"/></p>
<h2>Gold Bears Need to Wait for Breakthrough of Channel Support and 200-Period SMA</h2>
<p>The XAU/USD currency pair remains above the rising 200-period simple moving average (SMA) on the 4-hour chart, around $5,083, maintaining the overall upward trend within the rising channel. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram has pulled back from recent highs but remains in positive territory, indicating that momentum is weakening rather than reversing. Additionally, the Relative Strength Index (RSI) hovers below 50, suggesting a slight upward tilt while signaling a lack of strong directional signals.</p>
<p>Initial support appears near the channel bottom at around $5,116, just above the 200-period SMA. A break below this area would expose deeper downside potential, targeting the $5,080 region. On the upside, immediate resistance is at $5,200, and a sustained breakthrough of this barrier would open the way toward the channel resistance near $5,570. As long as the price remains above $5,116, pullbacks may attract buyers, while a drop below $5,200 would confine XAU/USD to a consolidation phase within a broader bullish channel.</p>
<p>(This technical analysis of the story was written with the help of AI tools.)</p>

600489

GOAU

159562

<p>Gold fell for the second consecutive day on Thursday, as rising oil prices raised inflation concerns, pushing up U.S. Treasury yields and the dollar. Despite a lack of sustained selling pressure, gold prices stagnated around $5,125. Tensions in the Middle East limited the downside potential for gold. Investors are worried that an escalation in military conflict could lead to a surge in inflation, impacting the Federal Reserve's interest rate cut expectations. Traders are focused on the upcoming U.S. initial jobless claims and personal consumption expenditures price index for market direction</p>

mitrade

ZHONGJIN GOLD

Us Gbl GLD & Met

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

Zijin Mining

VanEck Junior Gold Miners ETF

GraniteShares Gold Trust

VanEck Gold Miners ETF

SPDR Gold Minishares

iShares MSCI Global Gold Miners

Roundhill Gold Miners Weeklypay ETF

iShares Gold Trust Micro ETF

iShares Gold Trust

Pro Ultr GLD

Abrdn Gold ETF Trust

SPDR Gold Shares

Sprott GLD Miners Etf

Direxion Daily Gold Miners Bull 2X

Huaan Yifu Gold ETF

SD-GOLD

Newmont

Gold weakens as inflation concerns push up U.S. Treasury yields and the dollar; downside space is supported