02.04.202612:05 Forex Analysis & Reviews: XAU/USD. Price Analysis and Forecast. Gold may attract new sellers at higher levels

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Gold was sold off today, breaking a four-day winning streak. From a technical perspective, the failed attempt to rise near the 200-period exponential moving average (EMA) on the 4-hour chart, combined with the level around $4,800, favors bears in XAU/USD.

The Relative Strength Index (RSI) has fallen below 50 after exiting the overbought zone above 70, while the MACD indicator is retreating from recent highs, indicating weakening bullish pressure rather than a full reversal at this stage.

Meanwhile, further decline below the daily low around $4,550 could push gold prices toward the next support level just below the psychological $4,500 mark. A break of this level would open the way toward the $4,400 level.

In the case of an upward move, initial resistance is seen at the recent high around $4,800. A break above this level would extend the move into the $4,810–$4,820 level, where the 200-period EMA further reinforces the barrier.

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