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Gold (XAU/USD) prices traded sideways in a narrow range during the previous session, fluctuating between support at 4770 and resistance at 4830, indicating a wait-and-see approach before a clearer direction emerges.
Technical Outlook – 4-Hour Timeframe:
In the short term, prices experienced some corrective selling pressure as they entered overbought territory, attempting to absorb the upward momentum. However, the price remains above the 50-day simple moving average and above a corrective upward trend line, reinforcing the positive short-term outlook.
Likely Scenario:
As long as we do not see a clear break below the 4740 support level, the possibility of an upward rebound remains. Breaking through the 4830 resistance level could strengthen the positive momentum, pushing prices towards:
- 4870 as a primary target
- 4885 as an extended objective
Conversely, a return to trading and stabilization below the key support level of 4740 could reignite selling pressure on prices, with potential targets at:
- 4689 as an initial target
- 4650 as the next level
Note: Today, we are awaiting high-impact economic data from the US economy, specifically retail sales figures for March. We may witness significant price volatility around the time of the release.
Caution: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios remain possible. Trading gold involves high risk and may not be suitable for all investors.
Risk Disclaimer: Trading CFDs involves risks, and therefore all scenarios may be plausible. The content above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 4740.00 | R1: 4837.00 |
| S2: 4689.00 | R2: 4883.00 |
| S3: 4645.00 | R3: 4935.00 |
