From a technical perspective, gold continues to trade within a range formed since the beginning of the month. The movement follows a strong rebound from the key 200-day simple moving average (SMA), tested in March, which confirms that the long-term uptrend remains intact despite weakening momentum. The Relative Strength Index (RSI) stands at 47, near the neutral 50 mark, while the MACD shows a near-neutral reading, signaling consolidation rather than a trend reversal.

A drop below the $4700 level is likely to find support near the lower boundary of the range in the $4650–4600 level, where demand may increase. A decisive break below this zone could trigger stronger technical selling and lead to a deeper correction.

At the same time, resistance is located around $4750, followed by approximately $4800 and the $4865–4900 level, which corresponds to the upper boundary of the current range and the 50-day SMA. A breakout above this zone would confirm a resumption of the uptrend and open the way for a move above the psychological $5000 level.