XAU/USD Price Forecast Today, Technical Analysis (April 21): Gold Breaks Short-Term Support

Added: 2026-05-05

[00:00:00]All right, taking a look at gold, we have a bearish trigger of a rising uh wedge pattern that triggered today uh and confirmed it looks like it's going to confirm with the daily close below the trigger level. But, before we go further, a quick word from our sponsor.

[00:00:15]This video is brought to you by XS, the world's largest retail broker offering ultra-fast execution with no overnight fees. Find the link in the description below. This is Bruce for FX Empire taking a look at the daily chart for gold. So, um so, what we've been watching is a test of resistance around the orange 50-day simple moving average. We had that uh on Friday with the high of 4,890.

[00:00:44]Um and that was near the at the high of this developing potential bearish wedge.

[00:00:49]It triggered today on a drop below yesterday's low of 4,737 to reach a low of 4,668 so far and yet to test the support at the purple 20-day simple moving average after a failure of support at the red 10 and the light blue 100 that aligns with the top of this trend channel. So, this is a potential significant price zone that is now at risk of uh turning price back down and that would make sense because this is a we have a break of long-term support roughly medium-term pullback to test it as resistance. Once that happens, the sellers uh can take control. Again, I shouldn't say can't take control, they frequently do take control again at that point. However, we still need continual uh additional bearish confirmation.

[00:01:40]All patterns fail and all breakout I shouldn't say many patterns fail, many breakouts fail. So, uh confirmation would be on a break below this higher swing low here of 4,640.

[00:01:50]That would confirm the bears in charge and the target zone is roughly around this prior high here of 4,381 or so. That's the first target zone because you could see it was uh hit here as well. Resistance becomes support uh becomes support and maybe support again. All right, that is it for gold traders. Have a great week.

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