Gold Caught Between Dollar Pressure and Fed ExpectationsGoldOANDA:XAUUSDDomicChainaGold is entering a sideways consolidation phase after the strong rally seen in early May. Price is currently fluctuating around the 4,700 USD area and continues reacting around the EMA34 and EMA89, suggesting the market is waiting for a fresh catalyst before confirming the next directional move. What stands out to me is that despite the recent sharp correction, the short-term bullish structure has not been fully broken yet. Buyers are still defending the 4,680 – 4,650 USD support zone quite effectively. If this area continues to hold, I believe there is a strong possibility gold will revisit the 4,760 USD resistance level, with the psychological 4,800 USD zone becoming the next upside target. However, the current pressure on gold comes from the recovery in the US dollar and US Treasury yields following geopolitical tensions involving Iran. According to analysis from ING and Kitco News, the oil price shock is pushing inflation higher again, forcing the Federal Reserve to maintain a cautious stance for longer than expected. This delays expectations for rate cuts and creates short-term downside pressure on gold. I believe the current market behavior is quite similar to the 2022 period following the Russia–Ukraine conflict: gold initially surged due to safe-haven demand, then corrected sharply as real yields and the US dollar strengthened alongside rising energy prices. That is exactly why gold is currently being “held back” even while geopolitical risks remain elevated. Even so, I still lean toward a bullish medium-term outlook. Continued central bank gold purchases, signs of returning ETF inflows, and expectations that the Fed may eventually ease policy later this year remain extremely strong supportive foundations for XAUUSD.