Gold nears $4,601 as oil jumps and US-Iran concerns grow

Gold (XAU/USD) fell and approached the $4,601 support level on April 28, 2026, after an early Asian-session rise in oil and renewed uncertainty over a possible US‑Iran settlement. Price data are top-of-book quotes from OANDA Global Markets Ltd.

Oil gained in the Asian session, increasing concerns about inflation that weighed on demand for gold as a safe haven. Market participants also reacted to reports that President Trump expressed dissatisfaction with a recent proposal from Iran, renewing uncertainty about the diplomatic outlook.

On the four-hour chart, prices moved below both the 100-period and 200-period moving averages, accelerating the decline. The four-hour relative strength index registered near 23, in oversold territory, indicating strong selling momentum on that timeframe.

Earlier in the week, gold failed to hold above the $4,800 area and was rejected near the $4,700 psychological level before the current leg lower. After the rejection, the market broke through several intraday supports.

The one-hour chart showed a sequence of lower highs and lower lows. Recent aggressive selling pushed the price toward the $4,620 area, cutting through short-term support zones and leaving a gap between the current price and short-term moving averages. The one-hour RSI did not display a bullish divergence.

On the 15-minute chart, traders were watching for short-term triggers. In a bearish scenario, failure to reclaim the $4,640–$4,650 zone during any relief rally and a break below the recent swing low near $4,620 would likely open the path to the $4,601 target. A short-term trigger would be a rejection at the 15-minute 50-period moving average or a decisive drop below $4,620.

A bullish intraday reversal would require a push above $4,650 and a 15-minute close above $4,655 with the 15-minute RSI moving above 50. That outcome could lead to a rally toward the $4,680–$4,700 band.

Analysts highlighted intraday levels of resistance at $4,650, $4,687 and $4,700, and support at $4,620, $4,601 and $4,580. Price references are from OANDA top-of-book quotes.

OANDA market analyst Zain Vawda advised caution, saying he would remain on the sidelines until the one-hour structure produced a higher high, and noted that market positioning could change quickly if official comments altered perceptions about a US‑Iran settlement.

Longer-term charts had shown upward movement over recent months, but the break below the H4 moving averages represented a setback for near-term bulls. Traders and risk managers continued to monitor oil and geopolitical developments for factors that could change price direction.