Gold Faces Pressure at 4200, Start Buying Near 4170

From a fundamental perspective, the market’s expectation for a 25 bps rate cut remains as high as 89%, and this has not shown any major change. Geopolitically, the prolonged Russia–Ukraine conflict and Trump’s proposed tariff hikes on multiple categories continue to provide a safe-haven cushion for gold. However, the repeated fluctuations in the U.S. Dollar Index and U.S. Treasury yields are simultaneously suppressing gold’s upside momentum.
Therefore, for the first half of this week, the overall outlook should still be treated as range-bound, with the main focus remaining on Wednesday’s interest rate decision.

From a technical standpoint, gold failed to stabilize above 4215 yesterday and subsequently retreated to around 4176.
Although price rebounded toward 4200 today, it still failed to break through and has since oscillated lower, even piercing 4170.
The 4170 level offers weak support, while the more significant support zone remains at 4156–4143. If price can pull back into this area today, it would present a relatively ideal opportunity for long positions. The immediate upside resistance is located at 4196–4210.