Gold Holds Above $4,500 Support Despite FOMC Minutes and Selling Pressure

Key Facts

Gold prices demonstrated resilience in recent sessions, successfully holding above the $4,500 per ounce psychological level and posting a gain of 1.3%. According to reports, this recovery occurred despite the release of the FOMC meeting minutes, which typically exert pressure on non-yielding assets. However, the current rebound is not yet strong enough to negate the selling bias established since the price pulled back from the $4,700 area.

The stabilization in gold comes amid mixed performance in safe-haven assets as investors weigh the Fed's restrictive policy against real yields. Per market data, US Retail Sales grew by 0.5% in May, a figure that supports dollar strength and potentially caps gold's upside. Additionally, UK GDP data showed a 0.6% quarterly growth rate, reflecting a global economic environment that remains resilient despite high borrowing costs, further complicating the narrative for bullion.

Technically, XAU/USD stood near the $4,500 level at close May 20, 2026, establishing this as a pivotal support zone for retail traders. Looking ahead, the market will focus on upcoming catalysts including speeches from Fed officials Bowman and Williams scheduled for late May. While the $4,500 floor remains intact for now, a sustained move back toward the $4,700 resistance is required to confirm a shift in the medium-term bearish trend.