黃金在印度限制黃金進口之際，寄望於川習會

• Gold holds its retreat from three-week highs, struggling around $4,700 early Wednesday.
• The US Dollar hangs near weekly highs on hotter US inflation, ahead of the Trump-Xi meeting.    
• Gold bulls consolidate after the falling wedge breakout; a daily close above the $4,775 confluence resistance is critical.

Gold is looking to extend the previous pullback from three-week highs of $4,774 in Wednesday’s Asian trades, as markets lean toward profit-taking ahead of the highly anticipated meeting between US President Donald Trump and Chinese counterpart .

The recent retreat in Gold has been led by a resurgent haven demand for the US Dollar (USD) alongside higher US Treasury bond yields amid hot inflation-led growing Federal Reserve (Fed) interest rate hike bets.

The Greenback consolidates its upswing, underpinned by hotter-than-expected US consumer inflation data, while capitalizing on fading hopes for a US-Iran peace deal.

“The US Consumer Price Index (CPI) rose 3.8% in the 12 months through April, the biggest year-on-year increase since May 2023, as the oil shock triggered by the war with Iran pushed prices higher,” per Reuters.

Gold has also received a blow from one of its world’s biggest importers, India. Prime Minister Narendra Modi urged citizens on Sunday to avoid buying Gold for a year to help protect foreign exchange ​reserves.

Furthermore, the government announced on Wednesday that it raised import tariffs on gold and silver to 15% from 6% to ease the pressure on the country’s foreign exchange reserves.

Additionally, Gold traders prefer to switch to the sidelines ahead of the meeting, scheduled for later this week, especially after US President Donald Trump stated that trade will be the priority in the Summit with China, not Iran.

On the economic calendar front, the US Producer Price Index (PPI) data could also offer some trading incentives later in the North American session.

每日技術分析

In the daily chart, XAU/USD trades at $4,692.51, maintaining a mildly bearish near-term tone as it hovers just above the 21-day simple moving average (SMA) at roughly $4,688 while remaining capped below the 50-day SMA near $4,749. This positioning keeps spot gold lodged beneath a layer of clustered medium-term resistance, with the longer-term 100-day SMA around $4,788 reinforcing the overhead supply zone, while the 14-day Relative Strength Index (RSI) holding close to the neutral 50 mark suggests only modest directional conviction for now.

On the topside, immediate resistance is seen at the 50-day SMA near $4,749, followed by the 100-day SMA around $4,788 and the broader downward resistance trend line that continues to weigh on rallies. On the downside, initial support is provided by the 21-day SMA just below the market near $4,689, with more substantive backing not emerging until the 200-day SMA down in the $4,335 region, where longer-term buyers could look to reassert control if the current consolidation breaks lower.