Gold price settled with limited gains during the latest intraday trading, benefiting from the strength of the key support level at $4,500. providing some positive momentum that helped recover part of its previous losses and ease its oversold conditions on the relative strength indicators.

However, those indicators reached excessively overbought levels compared to the current price movement, increasing the likelihood of gold resuming its losses in the near term. This comes alongside continued negative pressure from trading below the EMA50, while the short-term corrective bearish trend remains dominant.