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Gold slips after failing to break $4,700, key supports eyed

XAU/USD bounced from around $4,280 after dropping below $4,500, with resistance seen near $4,465 to $4,480 and deeper support around $4,220.

Reported · Written up by our desk · Major Pairs

Gold prices fell after failing to push above $4,700, as the US dollar-denominated move lost momentum and corrected lower. Action Forex said gold dipped below $4,500 before buyers appeared near the $4,280 area.

On the 4-hour chart for XAU/USD, Action Forex noted the price built a base around $4,282 and attempted a recovery, climbing back above $4,400 and $4,450. The move also reached above $4,480, including the 100 Simple Moving Average (4-hour) and the 50% retracement of the decline from a $4,696 swing high to a $4,2852 low.

The outlet highlighted resistance levels at about $4,465 and $4,480, describing $4,480 as the area where a bullish break could open further upside toward $4,565 to $4,580, and potentially up to the $4,680 level.

If the decline resumes, Action Forex said gold could revisit the 200 Simple Moving Average (4-hour) near $4,320, with further support around $4,300 and $4,280. A break below that range could extend losses toward $4,220 and then $4,050 or $4,020 in the coming days.

Latest closeGold $4,431.70 ▲1.9%

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