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Gold dropped sharply from the recent high near $5,420/oz to around $5,000/oz after four consecutive weeks of gains as investors took profits and the U.S. dollar rebounded. However, the key psychological support at $5,000/oz has held firm even as military tensions between the U.S. and Iran continue to escalate. ETF data shows only a slight decline in SPDR holdings, indicating that long-term capital flows remain relatively stable and that the recent pullback may simply be a correction within the broader uptrend.
Despite the recent sharp pullback, gold holding firmly above the key psychological level of $5,000/oz suggests that the current decline likely reflects profit-taking following an extended rally rather than signaling a reversal of the medium-term bullish trend.
On the H4 timeframe, XAUUSD continues to trade within a medium-term bullish structure despite experiencing a sharp correction recently. After failing to hold near the 5,400 – 5,420 USD/oz resistance zone, prices declined rapidly and tested the key psychological level of 5,000 USD/oz. Buying interest emerged around this area, allowing gold to rebound to around 5,150 USD/oz.
Currently, prices are trading around 5,150 – 5,160 USD/oz, just above the 5,080 – 5,110 USD/oz support zone, which also coincides with dynamic support from the EMA100, and below the 5,180 – 5,210 USD/oz resistance area, corresponding to dynamic resistance from the EMA50. This suggests that XAUUSD is currently in a short-term consolidation phase, as buying and selling pressures remain relatively balanced following the recent strong volatility.
If the price breaks above the EMA50 and stabilizes above the 5,210 USD/oz level, the bullish momentum could resume, targeting the next resistance zones around 5,280 – 5,300 USD/oz, and potentially extending toward a retest of the recent highs near 5,400 – 5,420 USD/oz.
Conversely, if the price breaks below the 5,080 USD/oz level, selling pressure may intensify, opening the possibility for gold to retest the key support around 5,000 USD/oz once again.
4.3.2026
Gold XAUUSD
(Chart powered by TradingView. Charts are for educational and illustrative purposes only and may differ from live trading prices on our platform.)
Disclaimer: The chart reflects the analyst's opinion and does not constitute investment advice. Past performance is no guarantee of future returns. Seek independent advice before making decisions.
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Linh Tran
Market Analyst
Linh Tran is a member of the Market Analysis team at XS.com, holding a Master’s degree and with experience in the financial markets since 2018. She focuses on macroeconomic analysis, central bank policies, and multi-asset markets including forex, commodities, equities, and cryptocurrencies, delivering structured and data-driven market insights.
This written/visual material is comprised of personal opinions and ideas and may not reflect those of the Company. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. XS, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same. Our platform may not offer all the products or services mentioned.
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