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Gold tests key resistance after rally toward $4,700
XAU/USD bounced from bids near $4,300 to $4,320, but a pullback could revisit $4,465 support before $4,420.
Gold is showing signs of cooling after a move that carried XAU/USD from bids near $4,300 to $4,320 and pushed the pair to a high at $4,696, following a close above the $4,450 level, according to Action Forex.
The 4-hour chart indicates price has settled above the $4,500 pivot and above the 100 and 200 simple moving averages, while upside targets are framed near $4,680 resistance and $4,700, with a break above $4,700 potentially opening the door to higher levels.
On the downside, Action Forex says a correction could test $4,510 support or the 50% Fibonacci retracement level of the move from $4,324 to $4,696. The first major support is at $4,465, with further downside areas at $4,420, $4,350, and $4,220.
Separately, the same analysis notes WTI crude oil struggled around the $88.00 area, fell through $85.00 support at one point, and posted a corrective wave below that level.
Latest closeGold $4,323.20 ▼1.2%|WTI crude $91.79 ▼3.0%