As of writing, gold is near $4,184 on the 1-hour chart. What’s notable is how the price has been consolidating in a tight range of $4,176 to $4,201 during the recovery from the mid-month lows. Meanwhile, the rising trendline is reaching the $4,176 support, and both moving averages are located underneath. The faster of the two has crossed above the slower, which is constructive for the short-term outlook.

The initial resistance is at $4,201, a level that has been holding rejections over the past few sessions. A break above that would put $4,218 and then $4,240 in sight. Below, a breakdown of $4,176 and the trendline would open up support at $4,152, and then $4,132 and $4,111.