Gold (XAUUSD) Maintains Uptrend Structure

Market Analysis – October 23

Gold (XAUUSD) maintains an uptrend structure with a strengthening bullish outlook. The market continues to show a firm upward trajectory, with technical indicators supporting sustained buying momentum. Price action remains above the 9-day moving average at approximately $4,190, reflecting persistent demand despite a brief consolidation phase. The MACD continues to indicate positive momentum, suggesting that bullish forces are gradually regaining control as buyers prepare for another potential breakout.

Gold Key Levels

Resistance Levels: $4200, $4400, $4600
Support Levels: $4000, $3710, $3500

Gold Long-Term Trend: Bullish

The market recently rebounded from the $4,000 support region, coinciding with a previous order block that confirms this area as a critical demand zone. The reaction from this level demonstrates strong buyer engagement, particularly following the earlier rally from around $3,500. The formation of higher lows and narrower pullbacks indicates that the retracement phase is stabilizing, paving the way for renewed upward positioning within the broader bullish framework.

Looking ahead, maintaining price stability above the $4,000–$4,100 range could create a path toward $4,400, with extended upside potential reaching $4,600 in the medium term. A confirmed daily close above $4,200 would likely reinforce bullish conviction, while a drop below $3,990 could temporarily delay the advance. Overall, sentiment remains optimistic as gold consolidates its strength for a possible continuation of the prevailing uptrend.

Gold Short-Term Trend: Bullish

Gold (XAUUSD) is regaining bullish traction on the four-hour chart after rebounding strongly from the $4,000 support zone. The price has regained position above the 9-period SMA near $4,090, signaling renewed short-term buying interest.

A break above the $4,160 Fibonacci 50% retracement could accelerate momentum toward the $4,200 resistance. As long as price holds above $4,040, the bullish outlook remains valid, with potential continuation toward $4,400 in the near term. Traders relying on forex signals may find additional confirmation of sustained bullish bias as market sentiment continues to favor upward momentum.

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