XAUUSD | Daily Technical Outlook
Market Structure
XAUUSD remains firmly supported near record highs, consolidating after an extended bullish advance. Price continues to trade within a strong higher-high, higher-low structure on the daily timeframe, reflecting sustained upside momentum. The recent pullbacks have been corrective in nature, with buyers consistently stepping in at higher demand levels. This structure suggests that the broader bullish trend remains intact, even as short-term consolidation unfolds near the highs.
Key Resistance Zone
Upside price action is capped by a well-defined resistance area:
- $4,635 – $4,650 (recent swing highs and supply zone)
- $4,680 – $4,700 (major psychological and extension resistance)
A decisive break and daily close above $4,650 would reinforce bullish continuation and open the door for further upside expansion.
Key Support Zone
Gold is supported by layered demand beneath current price:
• $4,585 – $4,600 (near-term support and trend base)
• $4,550 – $4,565 (prior breakout zone and structural support)
A sustained breakdown below $4,550 would signal a deeper corrective phase toward lower daily supports.
Expectations
Bullish Scenario (Primary)
As long as price holds above the $4,585–$4,600 support zone, the bullish structure remains valid. A clean breakout above $4,650 would likely trigger renewed upside momentum toward $4,680–$4,700 and potentially higher extensions.
Bearish Scenario (Alternative)
Failure to hold $4,585, followed by a confirmed break below $4,550, would indicate a deeper correction. In this case, price could rotate toward lower demand zones, although the move would remain corrective unless the higher-timeframe structure breaks.
Outlook
Gold remains technically bullish overall, with higher-timeframe structure firmly favoring buyers. While consolidation near resistance may persist in the short term, the broader outlook stays constructive as long as key support levels hold. A confirmed break above $4,650 would likely mark the beginning of the next bullish expansion phase.
