Is the Gold Bottom In? Why the $4,464 Floor and a Deep RSI Reset Are Trapping the Bears Before the Next Fed Shock

Spot Gold (XAU/USD) slid 1.03% to trade at $4,464.64 on May 20, 2026, as the metal tests the absolute lower boundary of its multi-month descending channel. While the tech-heavy stock market glides near record territory, bullion is enduring a intense macro shakeout. April's hot CPI data and sticky inflation are forcing a Higher-for-Longer interest rate reality under the newly inaugurated Federal Reserve Chair Kevin Warsh, temporarily dulling non-yielding assets. Furthermore, with the conditional U.S.-Iran ceasefire hitting its sixth week and the Strait of Hormuz seeing incremental tanker resumption, the acute geopolitical panic premium has steadily deflated.