12.06.202611:57 Forex Analysis & Reviews: XAU/USD Price Analysis and Forecast: Gold Bears Maintain Intraday Control

From a technical perspective, gold maintains a short-term bearish bias despite the current recovery, remaining below the 200-day Simple Moving Average (SMA). Friday's volatility appears to be primarily driven by short-covering activity.

The MACD indicator remains in negative territory, with its histogram positioned below the signal line and continuing to print negative readings. At the same time, the Relative Strength Index (RSI) is fluctuating near the 30 level, which marks the boundary of the oversold zone, indicating that downward pressure remains in place despite the partial recovery from recent lows.

In terms of resistance levels, the nearest resistance zone is located between $4,230 and $4,260, followed by the psychological $4,300 level and the 200-day EMA and SMA, which represent more significant barriers. A break above this area would open the way for further gains.

On the support side, the key level remains the recent low near $4,015. A break below this level could signal the development of a deeper corrective decline.