現貨黃金缺乏明確的方向性動能，市場正聚焦於地緣政治

• Gold struggles around $4,350 early Tuesday as sellers keep lurking at higher levels.
• US Dollar consolidates previous gains amid Oil price rebound and Treasury yields retreat.
• 黃金的日線技術形態呈現出多空交織的局面，日線 RSI 保持中性。.

Gold has met supply at higher levels early Tuesday, stalling its rebound and struggling around $4,350 as all eyes remain on geopolitics and speeches from US Federal Reserve (Fed) officials.

Gold staged a decent recovery in the early Asian hours this Tuesday, but failed to sustain before reversing its gains.

A sharp pullback in US Treasury bond yields helped the early rebound in Gold, but reviving buying interest in Oil prices and inflation fears weigh on the bright metal’s uptick.

Oil prices are rising for the first time in five trading days as Iran-backed Yemeni Houthi-led geopolitical escalation in the Middle East counters diplomatic efforts and the resumption of oil flows through the Strait of Hormuz.

According to CNBC News, President Masoud Pezeshkian will lead an Iranian delegation at the United Nations (UN) General Assembly in New York on Tuesday, rekindling hopes for diplomacy.

Additionally, hawkish Fed bets remain in play, tempering any upside attempts in the non-yielding bullion so far this week, despite the renewed weakness in the US Dollar (USD).

Markets also remain nervous ahead of the much-awaited Trump-Xi meeting, scheduled for Thursday, refraining from creating fresh positions in the bright metal.

Therefore, Gold will likely maintain its range play unless the Middle East conflict intensifies again and fuels a fresh Oil rally.

According to TD Securities, “CTAs have unwound recent buying in gold, but the market remains well-supported by underlying discretionary investment appetite.” The bank argues that, even with “a hiking cycle being priced in,” the “broader precious metals landscape remains extremely favorable,” noting that “an easing of energy prices has also offered support in the immediate term.” Against this backdrop, TD Securities expects that “any near-term weakness in the precious metals market would be contained to only modest CTA selling, and would increasingly be seen as a buying opportunity for the yellow metal.”

In the daily chart, XAU/USD trades around $4,343, holding just above the medium-term moving averages but capped beneath the short-term dynamic resistance. The 50-day simple moving average (SMA) at $4,301 and the 100-day SMA at $4,317 sit below price and suggest underlying trend support, while the 21-day SMA at $4,403 acts as immediate overhead resistance after the latest pullback. The ongoing test of the rising support trend line around $4,343 keeps the broader uptrend technically intact, and a neutral near-term bias is reinforced by the Relative Strength Index (RSI) hovering close to the 50 line at 48.5.

On the topside, initial resistance emerges at the 21-day SMA near $4,403, with a more significant barrier at the 200-day SMA around $4,542, where any sustained break would reopen the path toward recent highs. On the downside, the rising trend-line support clustered around $4,343 is the first level to watch; a daily close below it would expose the 100-day SMA at $4,317, followed by the 50-day SMA near $4,301 as deeper support where buyers could attempt to reassert the broader bullish structure.