Gold Holds 4600 level

David Morrison

SENIOR MARKET ANALYST

07 Apr 2026

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Gold was a touch firmer this morning and continued to dig in above $4,600 per ounce. In early trade last Thursday, gold traded briefly at $4,800 to hit its best level in a fortnight. But it subsequently slumped, dropping to $4,550 just a few hours later. The precious metal has managed to recover since then, but there isn’t much power behind the rally, suggesting that investors aren’t wholly convinced that higher prices are on the horizon.

Source: TN Trader 

Yet the daily MACD has turned up from relatively oversold levels, and this may give the bulls some confidence. Unfortunately, markets are no longer pricing in rate cuts this year as inflationary pressures have started to increase again, getting a recent boost from oil prices.

This looks likely to provide a bit of a headwind in the near term. Last week's strong Nonfarm Payrolls report also reinforced expectations that the Federal Reserve could keep rates higher for longer. 


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