Gold stalls at $4,900/oz as bearish signal emerges

Gold stalled at roughly $4,900 per ounce on daily charts after a bearish crossover in momentum indicators, triggering short-term selling and profit-taking across global markets.

Bullion tested the $4,900 area several times in recent sessions but failed to break higher. Daily chart readings showed a bearish crossover and a loss of upward momentum, reinforcing signs of a broader pullback after gold logged its worst month since 2008.

Higher U.S. Treasury yields and a firmer U.S. dollar coincided with the technical signal. Those moves increase the opportunity cost of holding non-yielding assets such as gold.

Exchange-traded funds and futures positioning had supported the advance into resistance, but volume on attempts to push through $4,900 was muted compared with earlier buying. Thin liquidity around the resistance amplified downward moves when sellers appeared.

Analysts identified immediate support near $4,800 per ounce and stronger support around $4,700 if selling intensifies. A sustained daily close above $4,900 with stronger volume would be needed to reassess the barrier and reopen the path to $5,000.

Silver and platinum posted small gains but did not confirm a broad risk-on shift. Base metals were largely unchanged. Currency strength made dollar-priced gold more expensive for holders of other currencies, and rising U.S. Treasury yields added pressure on the metal.

Short-term traders are watching intraday charts for confirmation of lower momentum. Longer-term investors continue to monitor inflation trends, central bank policy and physical demand in major consuming countries.