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Gold remains above the psychological $4500 level, attracting buyers for a second consecutive day.
From a technical perspective, XAU/USD showed resilience below the key 200-day Simple Moving Average (SMA) on Thursday and posted a solid rebound from that level. Accordingly, the broader upward trend remains intact; however, the lack of strong bullish follow-through calls for caution among buyers.
The MACD indicator remains in negative territory, while the Relative Strength Index (RSI) is also below its neutral level but is pointing higher at around 43, indicating moderate momentum.
Prices remain below the 50-day and 20-day SMAs, confirming a moderately bearish bias. Gold is currently trading near the 9-day Exponential Moving Average (EMA), which is acting as immediate resistance. If this level is breached, the next obstacle will be the 14-day EMA near $4550.
The psychological $4500 level serves as support. Below this level, prices may find support around $4450, followed by the 200-day SMA at $4400. Additional support is located near the channel boundary at $4345. A decisive break below these levels would increase downward pressure and could pave the way for deeper losses.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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