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Technically, gold is undergoing a correction, and the recent breakout above the key level around the psychological $4,500 mark — which includes the significant 200?day simple moving average (SMA) — creates bullish prospects for XAU/USD. Moreover, the MACD indicator remains positive above the zero line, indicating prevailing buying pressure even amid heightened uncertainty.
However, the relative strength index (RSI) is in overbought territory at around 71, which makes further intraday gains in gold more difficult. Nevertheless, momentum indicators remain positive, suggesting any corrective moves will be viewed favorably and remain limited. Initial support is seen at the round $4,600 level, then at the 200?day SMA just above $4,500.
Near?term resistance levels are $4,680, then $4,780, on the way to the round $4,800 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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