FX.co ★ XAU/USD, GOLD

On the 30-minute timeframe for the trading instrument Gold, the following technical picture is observed. The price is approaching the horizontal resistance line at the level of 4800, making this level crucial for determining the further direction of movement. I expect a price reaction at the resistance level. In case of a breakout and consolidation above the 4800 level, a continuation of the movement in the northern direction towards the next resistance levels is likely. However, if the level holds and the price forms a rebound, a correction in the southern direction towards the nearest support levels or previously broken zones for a retest is possible.