Gold appreciates into a key resistance level
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The XAUUSD H4 chart is showing strong appreciation. However, the area around $1,865 is resistance (red shaded horizontal). The weekly chart might influence this timeframe. Here we see that gold has charted a lower peak followed by a lower trough, which is technically a downtrend. In this regard, keep an eye on the weekly stochastic. It's near the 20 level - if it drops below and holds (green rectangle), the longer-term momentum will be bearish. However, if it turns and moves towards 80, the market may view the precious metal as value in the current climate and rotate capital into XAUUSD.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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