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Gold Falls Below $4,700 Ahead of US NFP Release
Gold prices slipped toward the $4,675 level during early Asian trading on Friday, facing renewed selling pressure. The decline comes after comments from US President Donald Trump regarding a potential conflict with Iran, which triggered a sharp rise in oil prices. Trading activity remained subdued due to the Good Friday holiday.
From a technical perspective, gold failed to hold above the 200-period Exponential Moving Average (EMA), now acting as resistance on the 4-hour chart near the $4,800 level—reinforcing bearish sentiment for XAU/USD. The Relative Strength Index (RSI) has retreated to the mid-50 range after previously entering overbought territory above 70, while the Moving Average Convergence Divergence (MACD) is pulling back from recent highs. These indicators suggest fading bullish momentum rather than a complete trend reversal.
Further downside pressure below the daily swing low around $4,554–$4,553 could push gold prices toward the next support level just below the key psychological mark of $4,500. A break below this level may open the door to deeper losses toward $4,400. On the upside, immediate resistance is seen near the recent swing high at $4,765. A breakout above this level could drive prices toward the $4,820–$4,830 zone, where the 200-period EMA presents a stronger barrier.
Meanwhile, Trump added that Iran’s energy infrastructure remains a potential target. A report from the Wall Street Journal also noted that the United Arab Emirates is pushing for military action to reopen the Strait of Hormuz, including lobbying for a UN Security Council resolution. This development fueled a sharp rally in crude oil prices, reigniting inflation concerns and strengthening expectations of further interest rate hikes by the Federal Reserve.
Rising US Treasury yields have supported the US dollar, adding pressure on non-yielding assets like gold. As a result, gold has dropped nearly $150 from its Asian session peak, with volatility expected to remain high amid ongoing geopolitical developments.
Despite the upcoming US Nonfarm Payrolls (NFP) report, gold’s reaction may be limited as markets remain focused on tensions in the Middle East. However, the broader fundamental outlook suggests caution before expecting a sustained recovery from the recent four-month low near $4,100.