Gold Loses Ground with a Major Inflation Test Just Ahead

Key Highlights

• Gold started a fresh decline below the $4,400 support.
• A major bearish trend line is forming with resistance at $4,480 on the 4-hour chart.
• WTI Crude Oil extended losses and traded below $92.
• EUR/USD started a minor recovery wave above 1.1520.

Gold Price Technical Analysis

Gold failed to surpass $4,600 and started a fresh decline against the US Dollar. The price dipped below $4,550 and $4,500 to enter a bearish zone.

The 4-hour chart of XAU/USD indicates that the price even declined below $4,400, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). A low was formed at $4,183, and the price is now showing many bearish signs.

On the upside, immediate resistance is $4,250. The next major resistance sits near $4,280 and the 23.6% Fib retracement level of the downward move from the $4,592 swing high to the $4,183 low.

The main resistance could be near $4,285 or the 50% Fib retracement level. A close above $4,285 could send the price toward $4,500. There is also a major bearish trend line forming with resistance at $4,480. A clear move above $4,480 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $4,550 or even $4,600.

If there is another decline, Gold might find bids near the $4,150 level. The first major support sits at $4,065. The next support could be $4,000, below which the price might slide to $3,800. The main support sits at $3,550. Any more losses might call for a test of $3,300 or even $3,200 in the coming days.

Looking at WTI Crude Oil, the price started a fresh decline and there are chances of more losses below the $90 zone.

Economic Releases to Watch Today

• US Consumer Price Index for May 2026 (MoM) – Forecast +0.5%, versus +0.6% previous.
• US Consumer Price Index for May 2026 (YoY) – Forecast +4.2%, versus +3.8% previous.
• US Consumer Price Index Ex Food & Energy for May 2026 (YoY) – Forecast +2.9%, versus +2.8% previous.