Gold technical analysis

Source: Dukascopy Bank SA
XAU/USD remains in a strong long-term uptrend, with price well above the rising 100-day SMA near 3771.00. After pulling back from the October highs, gold has been recovering and moving sideways. It's now trading around 4234.00, sitting right on an important rising trendline that has supported the market since November.



As long as price stays above this trendline, the bullish outlook remains valid. The next key resistance is at 4330.00, and a daily close above this level could open the door for a move toward 4730.00. However, recent small candles show indecision. If gold falls below 4135.00, the trendline breaks and the short-term recovery is likely over—making a drop toward major support at 3940.00 more likely.
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