Gold Slides to $4,620 as Traders Await PCE Data, Testing Key Support

Gold has slipped to around $4,620 per ounce, following a sharp rally that saw the metal hit record highs earlier this month. The decline comes as investors prepare for the release of the U.S. Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation.

The PCE report could alter expectations for Fed policy. A hotter‑than‑expected reading may keep rates higher for longer, weighing on non‑yielding assets like gold, while a cooler figure could bolster hopes of policy easing and lift the metal.

Technical analysis places gold near a crucial support zone. A sustained break below $4,620 could trigger a move toward the $4,580–$4,550 range, where the 50‑day moving average may provide additional backing. On the upside, resistance sits at $4,680 and the psychological $4,700 level.

Momentum indicators such as the Relative Strength Index (RSI) have eased from overbought territory, indicating that the corrective phase may still have room to run before buyers re‑enter.

The recent pullback follows a rally fueled by central‑bank purchases, geopolitical jitters and expectations of Fed rate cuts. However, stronger‑than‑expected U.S. economic data—including retail sales and employment figures—has tempered some of those expectations, prompting a modest retracement.

Market participants remain cautious until the PCE data provides clearer direction, as the outcome could shift Fed rate expectations and influence flows into gold, crypto, DeFi and other non‑yielding assets.