Lower levels of volatility may assist in the further move to the upside in the near term.
XAU/USD short-term forecast
Gold has entered a strong price discovery phase, hitting a new all-time high near 4610.00, driven by safe-haven demand following major fundamental shocks. Momentum is clearly bullish, with higher highs and higher lows, a positive MACD, and a clean breakout above 4500.00, now key support. As long as price holds above 4600.00, upside targets lie at 4645.00 zone.
XAU/USD daily charts review
XAU/USD remains in a clear bullish daily trend, with higher highs and higher lows intact since the November base. The recent pullback from the 4580.00 to 4600.00 area appears corrective, and price is now consolidating around 4410.00 above former resistance, suggesting underlying demand remains strong. Key support is located near 4235.00, which must hold to maintain the bullish structure. A daily close below this level would weaken the upside bias, a breakout would signal trend continuation. RSI has cooled to around 60.00 after previously being overbought, indicating healthy momentum reset rather than reversal. Overall, price action favors consolidation or continuation higher as long as support holds.Daily Candle Chart
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Traders going long
The market currently shows a bullish sentiment, with approximately 74.30% of retail traders holding long positions.