• Gold maintains its near-term bullish trend with support at $4,600 holding bears.
• Markets remain calm, awaiting the US Nonfarm Payrolls data.
• Trading volumes are at unusually low levels with most markets closed on Good Friday.

Gold’s (XAU/USD) reversal from weekly highs at the $4,800 area remains contained above previous highs, in the area of $4,600, with the precious metal changing hands at $4,665 at the time of writing. This leaves the upside channel from March 23 lows still in play, as investors bid their time ahead of the US Nonfarm Payrolls (NFP) release, due later on Friday.

The US Dollar’s strength witnessed on Thursday has lost steam, with trading volumes at low levels as most markets are closed for the Good Friday bank holiday. The highlight of the day is the US NFP report, which is expected to show a 60K increase in employment in March, with the jobless rate remaining unchanged at 4.4%.

Technical Analysis: XAU/USD's ascending cchannel remains intact

steadies

XAU/USD keeps trading within the near-term bullish channel with technical indicators showing mixed signals. The 4-hour Relative Strength Index steadies above the 50 line, suggesting cooling upside momentum, yet with buyers still in control. The Moving Average Convergence Divergence (MACD), on the other hand, has slipped below its recent peak.

Downside attempts remain limited above the confluence of the mentioned channel base, now at $4,600, and late March highs, around $4,580. A confirmation below here is needed to negate the bullish view and add pressure towards the March 26 low, near $4,350, and the March 23 low, near $4,100.

Immediate resistance is seen at the mentioned weekly high of $4,800, further up, the previous support turned resistance, right above the $5,00 level emerges as the next bullish target.

(The technical analysis of this story was written with the help of an AI tool.)