In the daily chart, XAU/USD trades at $4,060.18, maintaining a bearish near-term bias as spot holds below the 21-day simple moving average (SMA) at $4,061.33 and remains well under the 50-, 100- and 200-day SMAs at $4,165.72, $4,406.82 and $4,490.03 respectively. The cluster of overhead averages suggests that the recent recovery is capped within a broader corrective phase, while the Relative Strength Index (14) at 46.91 keeps momentum in a neutral-to-soft zone rather than signaling an oversold market. On the topside, initial resistance is seen at the 21-day SMA at $4,061.33, followed by the 50-day SMA at $4,165.72, with higher barriers at the 100-day SMA near $4,406.82 and the 200-day SMA around $4,490.03. On the downside, the key structural support is the broken-uptrend line around $3,951.44, where a clear daily close below that level would likely expose a deeper pullback, while holding above it would keep XAU/USD in a broad consolidation beneath the dominant moving average ceiling
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