Gold's Four-Week Decline Ends: Spot Price Hits $4,170

Gold has ended its four-week decline, reaching $4,170 per ounce, signaling positive short-term momentum. Technical indicators support this view: the RSI is at 60, indicating upside potential without entering overbought territory, while the MACD is above its signal line and in positive territory. However, the latest closing price ($4,174.98) is well above the 20- and 50-day moving averages, suggesting a risk of a short-term pullback or consolidation. Therefore, while the upward trend persists, caution is advisable.

The U.S. Dollar Index (DXY) is trading at 100.80, down 0.52% over the past 24 hours. While the RSI at 37.97 approaches oversold territory, the MACD line remains below the signal line and in negative territory, suggesting that short-term weakness may persist. The price is trading below both the 20-day (100.87) and 50-day (101.16) moving averages, confirming the bearish trend. Gold's rebound to $4,170, ending a four-week decline, could add further pressure on the DXY, as gold prices typically have an inverse correlation with the dollar. However, the RSI nearing oversold levels suggests that a short-term recovery cannot be entirely ruled out.