XAU/USD bounces towards $4,800, remains bearish on the day
WikiBit 2026-02-02 21:13
Gold (XAU/USD) is trimming some losses on Monday after the sharp bearish correction witnessed on Friday and Monday’s Asian session. The precious metal has
XAU/USD has found some footing during the European morning session to retrace some losses, but the immediate trend remains strongly bearish. The Moving Average Convergence Divergence (MACD) line remains well below the zero line, although it has turned flat, indicating a softer bearish momentum. The Relative Strength Index (RSI) remains below 40 after picking up from oversold levels.
Upside attempts are likely to meet resistance at the intraday high, near $4,890, and at the $5,000 psychological level. Further up, the next target is the previous support area at $5,100 (January 29 low).
On the downside, immediate support is at the intra-day low of $4,404; below here, bears might be attracted to the 78.2% Fibonacci retracement of the November-January rally at $4,270.
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