XAU/USD picks up within range aiming for $4,500 

XAU/USD trades at $4,473 after bouncing from the 100-period Simple Moving Average (SMA) in the 4-hour chart, at the $4,400 area. Technical indicators show an improved momentum, but price action remains trapped within the weekly channel. The Moving Average Convergence Divergence (MACD) and its Signal line converge around the zero line, with the histogram contracting on the negative side, which suggests a fading bearish pressure. The Relative Strength Index (RSI) prints 58, a positive tone without overbought risk.

Immediate resistance aligns with the January 7 high, in the $4,500 area, ahead of the all-time high, near $4,500. A bearish reversal, on the contrary, is likely to find support at the $4,400 area, where the mentioned 100 SMA meets Thursdays low. Further down, the next target is the January 2 low, near $4,310.