June 1 (Reuters) - Gold is approaching a key technical test as the January rally to a record high continues to unwind.

The metal has started June on the back foot after posting three consecutive monthly bearish closes. From a technical standpoint, the pullback from January's all-time high at $5,593.50 is now pressuring an important support point.

The 10-month moving average, which has provided closing-basis support since September 2023, is once again under threat after being tested in both March and May. That average is currently at $4,490.00. A decisive break below it, particularly on a monthly closing basis, would strengthen the bearish case and shift focus toward the March spike low at $4,099.00.

Macro headwinds have also turned less supportive. A firmer U.S. dollar and higher oil prices have both weighed on gold, while geopolitical uncertainty has kept investors cautious.

Markets are awaiting U.S. President Donald Trump's decision on a possible agreement to extend the ceasefire with Iran, adding another layer of near-term event risk. The broader geopolitical backdrop remains tense. The U.S. said it struck Iranian military sites over the weekend, while Iran's Revolutionary Guards said on Monday they had targeted a U.S. base in response, marking the latest escalation amid negotiations aimed at ending the three-month conflict. Elsewhere, Israeli Prime Minister Benjamin Netanyahu has ordered troops to advance further into Lebanon in operations against Iran-backed Hezbollah, despite a ceasefire announced more than six weeks ago.

Taken together, a negative macro backdrop and deteriorating technical structure suggest gold could remain under pressure through June, unless there is a meaningful easing of Middle East tensions.
Gold monthly chart:


(Peter Stoneham is a Reuters market analyst. The views expressed are his own; Editing by Alexander Smith)