Gold steadies at $4,700 as traders eye $4,750 breakout

On April 23, gold held near $4,700 support and traded inside a tight $4,700–$4,750 range as market participants monitored whether a break above $4,750 would set the next direction for the metal.

On the daily chart, gold remains above the 200-day simple moving average, near $4,238, indicating a longer-term upward trend. Prices have pulled back from earlier highs near $5,400. The $4,700 area has moved from prior resistance to support and is close to the 100-day moving average, around $4,735. The relative strength index on the daily timeframe is near 47, showing neutral momentum.

The four-hour chart displays price action inside a descending channel or large falling-wedge pattern. Gold has not yet reclaimed the 100- and 200-period moving averages on that timeframe. A sustained move above about $4,804 would mark a breach of the upper boundary of the corrective pattern and suggest a resumption of the broader trend.

On the hourly chart, trading is confined to the $4,700–$4,750 corridor. A clear break above $4,750 and the H1 descending trendline would likely lead to a retest of the 200-hour moving average near $4,772 and then the $4,800 level. Technical readings, including an RSI divergence on short timeframes, point to diminishing downward momentum.

If the H1 trendline holds and price fails to clear $4,750, short-term sellers would remain in control. A decisive hourly close below $4,700 would expose the next structural support around $4,601, with $4,500 available as a further downside reference.

Key resistance levels are $4,750, $4,804 and $4,899. Primary support levels are $4,700, $4,601 and $4,500.

Geopolitical tensions in the Middle East are contributing to uncertainty over flows into the metal, which may influence trading around the current range in the coming sessions.

OANDA analyst Zain Vawda noted that price action in the $4,700–$4,750 band is likely to determine momentum for the rest of the week, with a break above $4,750 favoring buyers and an hourly close below $4,700 favoring sellers.

Prices cited are from the top of book at OANDA Global Markets Ltd and are provided for information and education purposes only.