XAUUSD: Gold Consolidates Above 4105 Pivot Amid Bearish Pressure

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of XAUUSD for October 22, 2026.

Technical Analysis of XAUUSD

XAUUSD Daily Chart Insight

(XAUUSD Daily Chart, Source: Ultima Markets MT5)

XAUUSD remains under bearish pressure on the daily chart, with the recovery from its mid-year lows losing momentum after encountering resistance in August. The subsequent decline has pushed prices below all three major moving averages, reinforcing the broader bearish structure. The red 16-period moving average (MA16) continues to slope downward above the current price, while the blue 100-period moving average (MA100) maintains a declining trajectory. Meanwhile, the purple 50-period moving average (MA50) has flattened and begun turning lower, suggesting weakening medium-term momentum.

With the daily RSI at 41.30, sellers retain the broader advantage, although recent candles indicate consolidation around 4113.69. A sustained recovery above the MA16 would be required to ease immediate selling pressure, while a stronger reversal would depend on reclaiming the declining MA100.

Key Levels:

• Support 1 (4113.69): The immediate price area, where recent daily candles have consolidated following the latest decline.
• Support 2 (4055.90): A lower support region near the recent swing lows, where previous downside attempts have encountered buying interest.
• Support 3 (3977.15–3898.40): A broader historical support zone associated with the mid-year consolidation lows.
• Resistance 1 (4134.65): The immediate overhead region near the declining red MA16, which may limit short-term recovery attempts.
• Resistance 2 (4213.40): A higher resistance region near the declining blue MA100, representing an important hurdle for a sustained recovery.
• Resistance 3 (4292.15–4370.90): A broader resistance zone encompassing the purple MA50 and previously contested price levels.

XAUUSD 2-Hour Chart Analysis

(XAUUSD 2-Hour Chart, Source: Ultima Markets MT5)

XAUUSD maintains a bearish short-term bias on the 2-hour chart, with prices struggling to establish a meaningful recovery following the recent decline. The market is currently trading around 4114.48, below the red 16-period moving average (MA16), the purple 50-period moving average (MA50), and the blue 100-period moving average (MA100). The red MA16 continues to slope downward, while the purple MA50 is gradually declining beneath the relatively flat blue MA100, reflecting persistent selling pressure. Recent attempts to recover toward the 4142.65 region have been rejected, leaving prices consolidating near the lower boundary of their recent trading range.

The RSI at 43.22 remains below its neutral midpoint, suggesting that bearish momentum persists without reaching oversold territory. Unless buyers reclaim the overhead moving averages, the market remains vulnerable to further weakness, although repeated tests of nearby support could encourage temporary sideways consolidation.

Breakout Scenarios:

• Bullish continuation is a possible scenario, triggered by a decisive break and hold above 4154.50, where the blue MA100 currently acts as overhead resistance. Such a move could open the way toward 4178.20 and subsequently 4190.05.
• Bearish correction is a possible scenario, triggered by a decisive breakdown below 4107.10, the immediate support area tested during recent trading sessions. A sustained move beneath this level could expose 4095.25, followed by 4083.40.

XAUUSD Pivot Indicator

(XAUUSD 30-Minute Chart, Source: Trading Central)

The 30-minute Trading Central chart indicates a cautiously bullish intraday preference, with XAUUSD trading around 4127, above the main pivot level at 4105. Despite this positioning, short-term momentum remains mixed as prices consolidate following the earlier decline.

The RSI stands at 46.69, indicating subdued momentum, while the MACD remains positive at approximately 1.74 but has flattened near its signal line. This suggests that buying momentum has yet to establish a convincing recovery. As long as prices remain above 4105, the bullish scenario remains technically valid, although stronger momentum confirmation would be needed to support an advance toward the projected resistance targets.

• Bullish Breakout: A sustained hold above the 4105 pivot, followed by renewed buying momentum, could support a recovery toward the first resistance at 4174 and the second target at 4190. Confirmation would require the RSI to turn higher from 46.69, accompanied by the MACD strengthening above its signal line.
• Bearish Rejection: A decisive breakdown below the 4105 pivot would invalidate the immediate bullish preference and expose the first downside target at 4078, followed by 4062. A further decline in the RSI from 46.69, together with a weakening MACD below its signal line, would reinforce the bearish scenario.

Disclaimer Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.