goldupdate

Gold prices remain range-bound, failing to build strong upside momentum even as parts of the macro backdrop turn supportive.
Although US Treasury yields are falling — with the 10-year note down 5 basis points to 4.149% — bullion has struggled to break higher. At the same time, the US Dollar Index (DXY) is steady at 96.78, limiting gold’s upside potential. A stable dollar continues to act as a headwind for the metal.
Mixed US Economic Signals
Recent US data paints a softer consumer picture:
December Retail Sales: 0.0% MoM (down from 0.6% in November), missing expectations of +0.4%
Retail Sales Control Group: -0.1%, compared to +0.2% previously
Employment Cost Index (ECI): +0.7% in Q4, slightly below Q3’s 0.8%
Slowing consumer spending combined with moderating wage growth suggests cooling momentum in the broader economy. Adding to uncertainty, White House National Economic Adviser Kevin Hassett signaled that upcoming jobs data could show slightly weaker numbers.
Despite this softer macro tone, gold has yet to capitalize decisively.
Why the Broader Outlook Remains Bullish
Structurally, gold continues to benefit from long-term drivers:
Ongoing currency debasement concerns
Persistent central bank accumulation
Strong physical demand
Notably, the People’s Bank of China (PBoC) added gold to its reserves for the 15th consecutive month, reinforcing steady sovereign demand.
These structural flows underpin the longer-term bullish thesis.
Technical Outlook: Range Still Intact
Gold is currently trading within a defined $5,000–$5,100 range, with neither bulls nor bears able to gain control.
The Relative Strength Index (RSI) remains mildly bullish but is drifting toward neutral, suggesting fading upside momentum.
Sellers appear to be capping rallies near the top of the range.
Upside scenario:
A sustained break above $5,100 could open the path toward $5,200, followed by the January 30 high at $5,451 and potentially the record high near $5,600.
Downside scenario:
A move below $5,000 would expose the 20-day SMA at $4,910, followed by $4,800 and the February 2 low at $4,402.
Bottom Line
Gold’s macro foundation remains supportive, but near-term price action suggests consolidation. Traders appear to be waiting for a fresh catalyst — likely from upcoming economic data or a decisive move in the US Dollar.
Until then, bullion remains trapped between structural bullish forces and short-term technical resistance.
#Gold #XAU #Goldupdate
$XAU

„Zlato nečeká na zprávy — čeká na potvrzení.“
Zlato (XAU/USD) pokračuje v stabilním obchodování nad klíčovou úrovní 5 000 dolarů, pohybující se v rozmezí 5 040 – 5 070 dolarů, zatímco trhy se připravují na zprávu o nezaměstnanosti v USA (NFP) s vysokým dopadem.
Po dosažení rekordních maxim v blízkosti 5 610 dolarů v lednu se zlato nyní konsoliduje — znamení, že kupující brání vyšším úrovním, místo aby vystupovali.
Proč je 5 000 dolarů důležité
Zóna 5K se stala psychologickou a technickou podporou:
✔️ Kupující vstupují blízko této úrovně