Gold Price Pulls Back Off Session Highs to Trade at About $4,539

By Nicholas Kitonyi March 20, 2026, 7:17 pm • Posted in Commodities

On Friday, the gold price pulled back from the session highs of about $4,721 to trade at about $4,539 after the latest data. The XAU/USD trades within a descending channel formation in the 60-minute chart.

The price of the yellow metal has now fallen a few levels below the 100-hour moving average line. As a result, it is on the verge of entering the oversold levels of the 14-hour RSI.

Gold Price Fundamentals Overview

From a fundamental perspective, the XAU/USD trades during a relatively busy period in the US market. On Thursday, the US initial jobless claims for last week came in better than expected, with 205k versus a forecast of 215k, down from 213k. The Philadelphia Fed Manufacturing Survey for March also beat the expectation of 10, with a reading of 18.1, up from 16.3 in February.

The US producer price index for February outperformed the (MoM) expectation of 0.3%, with a change of 0.7%. The (YoY) equivalent also beat the estimate of 2.9%, with a change of 3.4%. The producer price index ex-food and energy for the month outshone the (MoM) and (YoY) forecasts of 0.3% and 3.7%, respectively, with changes of 0.5% and 3.9%.

The Federal Reserve chose to keep the base interest rate unchanged at 3.75%, as expected. On the other hand, factory orders for January matched the forecasted (MoM) change of 0.1%, while the pending home sales for February exceeded the expectation of -0.5%, with a change of 1.8% (MoM). The industrial production for February also outshone the forecasted (MoM) change of 0.1%, with a change of 0.2%.

Gold Price Technical Analysis (the 60-min Chart)

Technically, the XAU/USD trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias as it edges closer to oversold conditions.

Therefore, the bears will look to stretch the latest pullback towards $4,344 or lower to $4,151. On the other hand, the bulls will look to pounce on rebounds at about $4,721 or higher at $4,904.

Gold Price Technical Analysis (the Daily Chart)

In the daily chart, the XAU/USD has recently completed a downward breakout from an ascending channel formation. The 14-day RSI also supports a bearish bias as it edges closer to oversold conditions.

Therefore, the bears will look to extend the current pullback towards $4,064 or lower to $3,612. On the other hand, the bulls will look to pounce on rebounds at about $4,949 or higher at $5,382.