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Gold (XAU/USD) fell below the psychological $4,100 level, reaching a new two-week low amid U.S. dollar strength. However, the price has since recovered and is now attempting to hold above this level.
In the event of further gains, the nearest significant resistance is the 100-period SMA at $4,313.40. Sustained consolidation above this level would ease the current bearish pressure and open the way for a more meaningful recovery. Otherwise, the current range should be viewed as a vulnerable consolidation zone, and failure to break above $4,313.40 will likely keep the risk of further downside intact on the 4-hour timeframe.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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