The metal traded around $5,060 in the last session with slight losses on a day-to-day basis but still retains its overall upward pattern. Analysts are still dwelling on identified price levels that could determine the next direction.
In a recent X post, analyst Allie pointed out that gold had gone to approximately $5,120 and faced resistance and retreated. He also noted that support levels to note are at $5020 and $4970, and that as long as this level is maintained, the bullish opinion is true.
According to the market information, gold has surged over $5,100 in the recent move and could not maintain the momentum. The pullback, after selling pressure towards the zone of $5120-$5170, came after that. Price action suggests consolidation as opposed to a drastic turnaround.
Specifically, gold is resisting around the area of $5,120, and the support level between $5,020 and $4,970 is specified by @XAUUSD__AILIE. Source: X
According to analyst data, gold has been trading at the start of the day at $5,084.88. It was at its highest at $5,099.99 and at its lowest point at $5,044.68.
In addition, he also suggested that the support zone is the $5,020 to $4,970 range. This area is in accordance with the recent consolidation and short-run price pattern. Buyers had already penetrated the market around these levels, and these were useful in stabilizing price action.
The upward structure will not be broken as long as gold is trading above $5,020. Further selling pressure might be experienced in case of a break below $4,970. Nonetheless, price has still been characterized by higher lows over the extended period. This trend is in line with the current trend.
Gold is trading around the $5,058 mark, and it is trading at the $5,000 psychological mark after a recent retreat at $5,500. Source: TradingEconomics
According to the Trading Economics statistics, gold traded at $5,058.6, which was a fall of $13.6, or 0.27%, in the session. The one-year chart shows that there has been a steady rise compared to below $3,000 in previous days.
Gold then proceeded to a higher level of over $3,500 and over $4,000 and finally reached over $5,000. This recent peak of around $5,500 was re-traded to a pullback to the $4,800-$4,900 area. The price recovered later and stabilized at more than $5,000.
Moderation in momentum is indicated by the use of technical indicators. MACD (12, 26, 9) indicates that the histogram is -13.68. The MACD line is 121.63, and the signal line is 135.32. Such a constitution is a sign of decelerating positive growth following the recent peak.
Relative Strength Index (14) has a value of 57.56, compared to 64.17. The RSI is higher than the neutral 50, and this indicates that the buyers are in control. Volume was 149.81K ticks, which is considered an active volatility participation.
XAU/USD is trading at approximately $5,060, and the resistance is set at approximately $5,100, as well as support developing at the $5,000 zone. Source: TradingView
The short-term resistance is close to $5,100 and proceeds to around $5,120-170. Wider opposition is close to the recent swing high of around $5,400–$5,500. It has its negative, however, in that at $5000 dollars we find that there is psychological backing between the lines of $4800 to $4900 and $5000.
The prevailing price level puts gold in between the set support and resistance levels. Analysts are still tracking the ability of gold to resist above $5,080 to retest above the levels. In the meantime, the market consolidation remains at above 5,000 dollars because the market players are evaluating the subsequent directional trend.
