Gold (XAU/USD), Technical Analysis – H4
The medium-term downtrend line has been decisively broken, allowing bulls to establish a solid base for a potential upward move over the coming weeks.
The medium-term downtrend line has been decisively broken, allowing bulls to establish a solid base for a potential upward move over the coming weeks. An intermediate corrective pullback from the resistance zone of $4,190–$4,200 is likely, with the round psychological level of $4,100 acting as the key demand zone.
Key Levels:
□ $4,100 — Primary support / demand zone
□ $4,190–$4,200 — Immediate resistance
Primary Scenario:
Rise toward $4,190–$4,200, followed by a corrective pullback to $4,100.
Alternative Scenario:
A deeper correction directly from current levels cannot be ruled out. In this case, the next bullish impulse would likely form from the $4,100 support zone.
Analyst Commentary:
The breakout above the downtrend line favors bulls in the medium term, but near-term consolidation or a corrective dip remains a healthy part of the developing up-move. The $4,100 level is expected to provide strong buying interest if tested.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.