Gold Technical analysis

Source: Dukascopy Bank SA
Gold is trading around 4820.70 after a strong rally that peaked near 4888.00. The market shows a short-term pullback as buyers take profits, with support around 4800.00 and major support at 4638.00. Resistance is at the recent high near 4888.00 and the psychological 5000.00 level.





Technical indicators show bullish momentum with RSI at 66.35, cooling from overbought levels, suggesting sideways consolidation or a shallow correction. Short-term volatility is high, driven by profit-taking and macro news, and a close below 4800.00 could trigger a drop toward 4638.00, while a breakout above 4890.00 could push prices toward 5000.00. Overall, the trend remains bullish with healthy corrective swings.
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