Gold Tests 4,118–4,120 Support Zone – Rehana William |Financial Consultant _Forex_Gold Xauusd| Fund Manager
XAUUSD Technical Analysis — Gold Tests Key Demand Zone
Gold (XAUUSD) remains in a short-term bearish structure, with price trading below the important 4,136–4,147 resistance zone. The market is now testing the 4,118–4,120 demand area, making this an important zone for the next intraday move.
The descending trendline also remains overhead, keeping pressure on the upside.
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Gold Price Technical Outlook
The current structure remains bearish below 4,136. However, price is sitting near an important support area, meaning traders should watch closely for either a bullish rejection or a decisive breakdown.
Bullish Scenario
If XAUUSD holds above 4,118–4,120, Gold could attempt a short-term relief bounce.
The initial upside target would be 4,136, followed by the 4,146–4,147 resistance zone.
A sustained breakout above 4,147 would improve the bullish outlook and could open the way towards 4,163–4,171.
Bearish Scenario
A decisive break below 4,118 would weaken the current demand zone and expose the next major support around 4,112–4,113.
Further weakness could bring 4,107 into focus.
Unless Gold successfully reclaims the 4,136–4,147 resistance area, the broader intraday bias remains bearish and downside continuation remains possible.
Key XAUUSD Levels
- Resistance: 4,136 / 4,147 / 4,176–4,179
- Support: 4,120 / 4,113 / 4,107
Market View
The XAUUSD intraday bias remains bearish below 4,136, but the current price location is particularly important.
Traders should watch for a bullish rejection from 4,118–4,120 or a clean breakdown below 4,118. A successful rejection could trigger a recovery towards resistance, while a confirmed breakdown would favour further downside towards the next support levels.
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