Technical readings in the XAU/USD daily chart favor another leg north. Gold has broken above its former multi-month high of $1,810.08, an immediate support level, while it also extended its rally above a mildly bearish 200 Simple Moving Average (SMA). The 20 SMA remains far below the current level, recovering its bullish slope, while technical indicators resumed their advances within positive levels.
In the near term, and according to the 4-hour chart, XAU/USD lost momentum, but bulls retain control. The pair is well above bullish moving averages, with the 20 SMA gaining upward traction above the longer ones. Technical indicators remain within positive levels but turned lower, reflecting the ongoing slide rather than anticipated another leg lower.
Support levels: 1,810.00 1,798.70 1,786.15
Resistance levels: 1,824.55 1,833.10 1,846.20