Gold reaches $4,630 on geopolitical tensions  

Gold extended gains on Wednesday, with XAUUSD reaching a fresh all-time high above $4,630 ahead of the US session opening. Precious metals remain firm, underpinned by safe-haven demand, amid geopolitical tensions and moderate US inflation figures.

President Donald Trump urged Iranians to keep protesting on Tuesday, promising them that “help is on its way,” as the victims of Tehran’s repression likely extend into the thousands.

Meanwhile, US inflation figures have curbed expectations of an immediate Federal Reserve rate cut, though they keep hopes of two rate cuts in 2026 alive.

The bullish bias on gold remains in play with moving averages trending higher. Technical indicators, however, are starting to give signs of an overstretched rally.

The 4-Hour Relative Strength Index (RSI) stands just below overbought levels, revealing a bearish divergence.

Above $4,630, the next targets would be at $4,689 and $4,763, respectively. Support is seen at Tuesday’s low, near $4,570, and the January 2 low, right below $4,500.

(Source: OANDA)