https://www.myfxbook.com/forex-charts/XAUUSD,H4/312699/0L7QNM2MQOwnwYg




Gold is trading around 4170-80 zone following a strong recovery from the recent low near 4073. Price has rebounded from the lower support area and is forming a short term bullish recovery but the broader chart still shows a descending trendline and a sequence of lower highs. This means gold is approaching an important decision zone where buyers must prove that they can overcome the overhead resistance.


The immediate resistance is around 4184-4200 where horizontal resistance and the descending trendline converge. A sustained breakout above this area followed by a successful retest could push gold toward 4217 followed by 4247 and 4277.


On the downside immediate support lies around 4150 followed by the support zone at 4136-4121. If selling pressure increases and gold breaks below 4110 the recovery could weaken and price may revisit 4073. A decisive breakdown below 4073 could expose the lower support areas near 4050, 4025 and 4000.


Softer oil prices and declining yields have recently supported gold. However persistent inflation concerns and expectations of potential Federal Reserve rate hikes could limit upside momentum. Upcoming Fed policy signals and US PCE inflation data remain important catalysts.


Overall outlook: Gold is attempting a bullish recovery but the 4184-4200 resistance zone remains critical. A confirmed breakout could extend the recovery while rejection may bring renewed selling pressure toward 4150 and 4136-4121. Wait for confirmation on the H1 or H4 chart rather than entering solely because price reaches a level.



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