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Gold clears bearish trend line near $4,035 as XAU/USD rebounds
XAU/USD also moved above $4,000 after finding support around $3,960 to $3,965, with resistance next at $4,085 and $4,145.
Gold prices in terms of XAU/USD showed a rebound as the move cleared a key bearish trend line, with resistance cited around $4,035 on the 4-hour chart, according to Action Forex.
The analysis said gold found bids near $3,960 to $3,965, then climbed above the $4,000 resistance level. It also referenced a gain above the 38.2% Fibonacci retracement of the drop from a $4,202 swing high to a $3,959 swing low, and a test of the 100 simple moving average on the 4-hour chart.
On the upside, immediate resistance was listed near $4,085, with next major resistance around $4,145. A sustained break above $4,145 could allow additional gains toward $4,200 or $4,220, and possibly $4,300, the technical view said.
For downside levels, the report cited support at $4,000 first, then $3,960, followed by the main support near $3,915. If losses extend, it flagged a potential revisit toward $4,015, and then tests near $3,880 or $3,865 in the coming days.
Latest closeGold $4,157.80 ▲0.4%