Gold Consolidates Sideways Near $4,450 Support With Capped Upside

Gold is stabilizing in a range-bound pattern near $4,450 support as of May 22, with fading bearish momentum but limited upside unless oil prices and yields ease further. The consolidation follows Sucden’s May 14 outlook for range-bound trading near $4,500 despite solid fundamentals, Jeff Currie’s May 15 bearish call warning of a potential drop to $4,000 before a longer-term rally to $10,000, and OCBC’s May 18 rates-shock warning that drove gold nearly 2.5% lower to around $4,540. Renewed U.S.-Iran tensions lifted oil above $100 per barrel, pushing spot gold to test $4,512.90 on May 21 before stabilization set in, with key support at 4,452 and resistance near 4,670.