Gold holds near one-month lows ahead of Fed decision as higher-for-longer rates weigh

In the 4-hour chart, XAU/USD is extending a bearish phase as price holds well below the 200-period, 50-period and 100-period Simple Moving Averages (SMAs) clustered between roughly $4,698 and $4,742.

This configuration suggests a market trading under a dense band of overhead supply, while the Relative Strength Index (14), hovering near 31, hints at emerging oversold conditions and the negative Moving Average Convergence Divergence (MACD) reading reinforces persistent downside momentum.

On the upside, initial resistance is aligned with the 200-period SMA at about $4,698, followed by the 50-period SMA near $4,711 and the 100-period SMA around $4,742, which together define a layered cap that bulls would need to reclaim to ease the current bearish pressure.

On the downside, immediate support is located in the $4,550-$4,500 zone. A sustained break below this region could expose the metal to deeper losses.