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Gold loses its luster in the face of the dollar’s strength

Technical Analysis
By Mostafa Mahmoud
Gold loses its luster in the face of the dollar's strength
0 7

GOLD

الذهب 8-6-2026

Gold is trading above the $4,200 support level, which is likely to limit the downside pace in today’s trading.

Support

 4200 4000
Resistance 4580

4760

Gold declined during today’s trading to its lowest level in nearly 11 weeks, pressured directly by strong US jobs data, which reinforced expectations that interest rates may remain elevated for longer, and possibly revived talks of another rate hike before the end of the year.

This scenario supported the rise of the US dollar and bond yields, reducing the appeal of gold as a non yielding asset, despite escalating tensions in the Middle East and higher oil prices. Overall, gold remains under pressure as long as markets continue to price in a more hawkish Federal Reserve policy, while any recovery attempts may remain limited unless the dollar weakens or rate expectations ease.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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