Gold prices have fallen over the past 24 hours. Futures market activity will be limited on Friday. Traders are closely monitoring the $4,600 level. This price point has been an important support area multiple times.
The 50-day Exponential Moving Average (EMA) sits at $4,800. A sustained move above this level could lead gold to the $5,000 mark.
The U.S. 10-year Treasury yield, currently at 4.3%, significantly impacts gold prices. Gold is a non-yielding asset. It tends to perform less well when interest rates climb.
Gold may see further pullbacks without positive market news. However, the market appears to be nearing a bottom. Gold could soon begin to act more like a safe-haven asset.