XAU/USD Technical Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
XAU/USD 4-hour chart demonstrates a well-defined ascending parallel channel where the price is currently testing the median line as a temporary support level. While the long-term momentum remains bullish, the price action is currently compressed in a technical "squeeze" between the 200-period Simple Moving Average acting as resistance near 4800.00 and the 100-period SMA providing support at approximately 4712.00.



A successful break above the 200-period SMA and the immediate horizontal resistance at 4865.00 would likely clear the path for a move toward the upper channel boundary, while a failure to hold the current support levels could lead to a deeper correction toward the 4550.00 or 4470.00 horizontal floors. Consequently, the outlook remains cautiously bullish as long as the ascending channel structure remains intact, with a decisive close above 4800.00 serving as the primary catalyst for further upside.

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