Negative Correlation with Crude

Since the conflict began on February 28, gold and crude oil have exhibited a strong negative correlation. As oil prices steady on news of a potential ceasefire proposal, gold has seen its immediate war premium erode, though it remains up significantly on the year.

Technical Support Bands

Technicians are monitoring the $4,430 to $4,616 'Golden Ratio' retracement zone. While a sustained break below $4,700 would be bearish, the current consolidation is viewed as a necessary reset following the historic rally to $5,296 earlier this year.