FX.co ★ hamforexh | XAU/USD, GOLD

The GOLD H4 chart spanning from late April through late May 2026 reveals a turbulent journey of sharp declines, dramatic recoveries, and persistent range-bound behavior, with the precious metal currently trading at 4538.60 and exhibiting signs of renewed bullish momentum after a severe test of support. The period begins with gold already under pressure near the 4832.15 peak, as aggressive selling drove prices down to the 4359.65 handle by late April in a correction that appeared to threaten the broader bullish structure. However, this decline proved to be a capitulation point rather than a trend reversal, as deep-value buyers emerged from the 4359.65 lows and engineered a powerful V-shaped recovery that propelled gold back toward the 4772.65 zone by early May. This rebound was swift and decisive, with the 50-period moving average transitioning from resistance to support and confirming the return of bullish conviction. The early May highs near 4772.65 represented a formidable resistance cluster, and the failure to establish a decisive foothold above this level triggered a fresh wave of selling that dominated the subsequent weeks.

The mid-May decline was particularly punishing, as gold broke decisively below the 50-period moving average and accelerated toward the 4359.65 support zone, briefly touching the 4417.40 area before a remarkable stabilization effort took hold. The current price action around 4538.60 reflects a strong recovery from these lows, with the precious metal surging through the 4476.90 and 4536.40 resistance levels in a display of resilience that suggests underlying demand remains robust. The ADX indicator reading of 31.3773 sits comfortably above the 25 threshold, indicating that the current directional movement possesses meaningful strength and conviction, a notable improvement from the weak trend readings that characterized the mid-May consolidation. The DI configuration is particularly instructive: the +DI14 at 25.7480 has surged above the -DI14 at 10.5249, demonstrating a dramatic shift in momentum that favors the bulls and suggests that the selling pressure that dominated the mid-May period has been largely exhausted. The moving average, which had been descending and capping rallies during the decline, is now being challenged from below around the 4536.40-4595.90 zone, and a sustained break above it would confirm that the recovery has transitioned into a more sustainable uptrend. For traders, the immediate focus should be on the 4595.90-4653.65 resistance cluster, where prior highs and the moving average converge; a decisive close above this area would open the path for a retest of the 4713.15-4772.65 zone and potentially a challenge of the all-important 4832.15 peak. Conversely, failure to maintain momentum above the 4536.40 level risks a pullback toward the 4476.90-4417.40 support region, where buyers would need to defend the recovery structure to prevent a deeper retracement.