XAUUSD | Daily Technical Outlook
Market Structure
XAUUSD is undergoing a corrective pullback after failing to sustain its recent bullish breakout. The strong rejection from the highs triggered aggressive selling pressure, pushing price back below a key support-turned-resistance zone.
The recent decline has shifted short-term momentum to the downside, with price now testing a critical support area around 4,940–4,950.
Key Resistance Zone
The nearest resistance stands at 4,990 – 5,020, a former support area that now acts as supply.
Additional resistance levels:
- 5,080
- 5,150 (major rejection zone)
As long as gold trades below 5,020, upside attempts may face renewed selling pressure.
Key Support Zone
Immediate support is located at 4,920 – 4,940, where price is currently attempting to stabilize.
A breakdown below 4,920 would expose lower downside targets:
- 4,850
- 4,750 – 4,780 (major structural support)
A failure to hold 4,750 would signal a deeper corrective phase.
Expectations
Bearish Scenario (Primary)
Momentum currently favors further downside while price remains below 5,020.
A sustained move below 4,920 could accelerate the decline toward 4,850, with potential extension toward 4,750.
Bullish Scenario (Alternative)
A recovery above 5,020 would signal renewed buying interest, opening the door toward:
- 5,080
- 5,150
Reclaiming 5,150 would restore stronger bullish momentum.
Outlook
Gold is facing short-term downside pressure following a sharp rejection from the highs. The structure remains vulnerable below 5,020, and a break under 4,920 could trigger further weakness, while a recovery above resistance would be needed to shift sentiment back to bullish.
